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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  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): February 5, 2026
____________________________________________

COPT DEFENSE PROPERTIES
(Exact name of registrant as specified in its charter)
Maryland   1-14023 23-2947217
(State or other jurisdiction   (Commission File (IRS Employer
of incorporation)   Number) Identification No.)

6711 Columbia Gateway Drive, Suite 300, Columbia, MD
 21046
(Address of principal executive offices) (Zip Code)
        
Registrant’s telephone number, including area code:  (443) 285-5400

____________________________________________

Not applicable
(Former name or former address, if changed since last report.)

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):
☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Shares of beneficial interest, $0.01 par value CDP New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.             Results of Operations and Financial Condition
 
On February 5, 2026, COPT Defense Properties (the “Company”) issued a press release relating to its financial results for the period ended December 31, 2025 and, in connection with this release, is making available certain supplemental information pertaining to its properties and operations.  The earnings release and supplemental information are included as Exhibit 99.1 to this report and are 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.

Item 9.01.             Financial Statements and Exhibits

(d)     Exhibits.

Exhibit Number   Exhibit Title
 
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).


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.
  COPT DEFENSE PROPERTIES
/s/ Anthony Mifsud
  Anthony Mifsud
  Executive Vice President and Chief Financial Officer
Date: February 5, 2026



EX-99.1 2 cdp12312025ex991.htm EX-99.1 Document
Exhibit 99.1

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COPT Defense Properties
Supplemental Information + Earnings Release - Unaudited
For the Period Ended 12/31/25
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Please refer to the section entitled “Definitions” for definitions of non-GAAP measures
and other terms we use herein that may not be customary or commonly known.

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COPT Defense Properties
Summary Description
THE COMPANY
COPT Defense Properties (the “Company” or “COPT Defense”), an S&P MidCap 400 Company, is a self-managed real estate investment trust (“REIT”) focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions (which we refer to herein as our Defense/IT Portfolio). Our tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. The ticker symbol under which our common shares are publicly traded on the New York Stock Exchange is “CDP”. As of December 31, 2025, our Defense/IT Portfolio of 201 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.2 million square feet and was 96.5% leased.


MANAGEMENT INVESTOR RELATIONS
Stephen E. Budorick, President + CEO Venkat Kommineni, VP
Britt A. Snider, EVP + COO
443.285.5587 | venkat.kommineni@copt.com
Anthony Mifsud, EVP + CFO
Michelle Layne, Manager
443.285.5452 | michelle.layne@copt.com


CORPORATE CREDIT RATING
Fitch: BBB- Stable | Moody’s: Baa3 Positive | S&P: BBB- Stable


DISCLOSURE STATEMENT
This supplemental package contains forward-looking statements within the meaning of the Federal securities laws. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology.  Forward-looking statements are inherently subject to risks and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate.  Although we believe that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, we can give no assurance that these expectations, estimates and projections will be achieved.  Future events and actual results may differ materially from those discussed in the forward-looking statements and we undertake no obligation to update or supplement any forward-looking statements.  The areas of risk that may affect these expectations, estimates and projections include, but are not limited to, those risks described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.
1
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Equity Research Coverage
FIRM   SENIOR ANALYST PHONE   EMAIL
BTIG Tom Catherwood 212.738.6410 tcatherwood@btig.com
Cantor Fitzgerald Richard Anderson 929.441.6927 richard.anderson@cantor.com
Citigroup Global Markets   Seth Bergey   212.816.2066   seth.bergey@citi.com
Evercore ISI Steve Sakwa 212.446.9462 steve.sakwa@evercoreisi.com
Green Street   Dylan Burzinski   949.640.8780   dburzinski@greenstreet.com
Jefferies   Joe Dickstein   212.778.8771   jdickstein1@jefferies.com
JP Morgan   Tony Paolone   212.622.6682   anthony.paolone@jpmorgan.com
Truist Securities   Michael Lewis   212.319.5659   michael.r.lewis@truist.com
Wells Fargo Securities Blaine Heck 410.662.2556 blaine.heck@wellsfargo.com
 
With the exception of Green Street, the above-listed firms are those whose analysts publish research material on the Company and whose estimates of our FFO per share can be tracked through FactSet. Any opinions, estimates or forecasts the above analysts make regarding COPT Defense’s future performance are their own and do not represent the views, estimates or forecasts of COPT Defense’s management.
2
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Selected Financial Summary Data
(in thousands, except per share data)
  Page Three Months Ended Years Ended
SUMMARY OF RESULTS  Refer. 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24
Net income $ 39,396  $ 43,744  $ 40,166  $ 36,228  $ 36,467  $ 159,534  $ 143,942 
NOI from real estate operations $ 113,952  $ 111,818  $ 112,412  $ 107,446  $ 106,340  $ 445,628  $ 418,933 
Same Property NOI $ 107,157  $ 107,870  $ 108,665  $ 104,276  $ 103,819  $ 427,968  $ 413,067 
Same Property cash NOI $ 104,296  $ 104,773  $ 102,710  $ 100,162  $ 101,629  $ 411,941  $ 395,819 
Adjusted EBITDA $ 108,223  $ 103,771  $ 104,726  $ 99,119  $ 98,628  $ 415,839  $ 392,297 
FFO per NAREIT $ 82,371  $ 82,090  $ 80,471  $ 76,028  $ 76,033  $ 320,960  $ 300,638 
Diluted AFFO avail. to common share and unit holders $ 57,209  $ 63,274  $ 57,660  $ 56,045  $ 47,902  $ 234,319  $ 222,222 
Dividend per common share N/A $ 0.305  $ 0.305  $ 0.305  $ 0.305  $ 0.295  $ 1.22  $ 1.18 
Per share - diluted            
EPS $ 0.33  $ 0.37  $ 0.34  $ 0.31  $ 0.31  $ 1.34  $ 1.23 
FFO - Nareit $ 0.70  $ 0.69  $ 0.68  $ 0.65  $ 0.64  $ 2.72  $ 2.57 
FFO - as adjusted for comparability $ 0.70  $ 0.69  $ 0.68  $ 0.65  $ 0.65  $ 2.72  $ 2.57 
Numerators for diluted per share amounts
Diluted EPS $ 37,388  $ 41,594  $ 38,235  $ 34,597  $ 35,018  $ 151,880  $ 138,508 
Diluted FFO available to common share and unit holders $ 80,358  $ 80,093  $ 78,635  $ 74,393  $ 74,416  $ 313,610  $ 296,517 
Diluted FFO available to common share and unit holders, as adjusted for comparability $ 80,424  $ 80,121  $ 78,635  $ 74,393  $ 74,473  $ 313,704  $ 296,800 

3
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Selected Financial Summary Data (continued)
(in thousands, except ratios)
  Page As of or for Three Months Ended
As of and for Years Ended
PAYOUT RATIOS AND CAPITALIZATION Refer. 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24
GAAP
Payout ratio
Net income N/A 89.3% 80.5% 87.7% 97.2% 93.0% 88.3% 94.2%
Capitalization and debt ratios
Total assets $ 4,701,790  $ 4,351,432  $ 4,286,950  $ 4,250,311  $ 4,254,191 
Total equity $ 1,562,169  $ 1,555,039  $ 1,545,741  $ 1,538,291  $ 1,536,593 
Debt per balance sheet $ 2,767,834  $ 2,443,518  $ 2,438,591  $ 2,412,670  $ 2,391,755 
Debt to assets 58.9% 56.2% 56.9% 56.8% 56.2% N/A N/A
Net income to interest expense ratio 1.6x 2.1x 1.9x 1.8x 1.8x 1.8x 1.8x
Debt to net income ratio 17.6x 14.0x 15.2x 16.6x 16.4x N/A N/A
Non-GAAP
Payout ratios            
Diluted FFO N/A 43.5% 43.7% 44.5% 47.0% 45.2% 44.7% 45.4%
Diluted FFO - as adjusted for comparability N/A 43.5% 43.7% 44.5% 47.0% 45.2% 44.6% 45.4%
Diluted AFFO N/A 61.2% 55.3% 60.7% 62.4% 70.3% 59.8% 60.6%
Capitalization and debt ratios          
Total Market Capitalization $ 5,997,335  $ 5,814,654  $ 5,640,563  $ 5,578,378  $ 5,968,572 
Total Equity Market Capitalization $ 3,206,035  $ 3,352,013  $ 3,181,463  $ 3,143,822  $ 3,553,555 
Net debt $ 2,589,666  $ 2,512,124  $ 2,489,618  $ 2,462,248  $ 2,428,430 
Net debt to adjusted book 40.5% 40.2% 40.6% 40.7% 40.4% N/A N/A
Adjusted EBITDA fixed charge coverage ratio 4.3x 4.8x 4.9x 4.7x 4.7x 4.6x 4.7x
Net debt to in-place adj. EBITDA ratio 5.9x 6.1x 5.9x 6.1x 6.0x N/A N/A
Net debt adjusted for fully-leased investment properties to in-place adj. EBITDA ratio 5.8x 5.8x 5.8x 6.0x 5.9x N/A N/A

4
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Selected Portfolio Data (1)
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24
# of Properties
Total Portfolio 207 204 204 204 203
Consolidated Portfolio 183 180 180 180 179
Defense/IT Portfolio 201 198 198 198 197
Same Property 198 198 198 198 198
% Occupied
Total Portfolio 94.0 % 93.9 % 94.0 % 93.6 % 93.6 %
Consolidated Portfolio 92.8 % 92.6 % 92.8 % 92.3 % 92.2 %
Defense/IT Portfolio 95.5 % 95.4 % 95.6 % 95.3 % 95.4 %
Same Property 94.2 % 94.3 % 94.5 % 94.1 % 94.4 %
% Leased
Total Portfolio 95.3 % 95.7 % 95.6 % 95.1 % 95.1 %
Consolidated Portfolio 94.3 % 94.8 % 94.6 % 94.0 % 94.1 %
Defense/IT Portfolio 96.5 % 97.0 % 96.8 % 96.6 % 96.7 %
Same Property 95.3 % 95.8 % 95.7 % 95.2 % 95.7 %
Square Feet (in thousands)
Total Portfolio 25,147 24,585 24,571 24,548 24,537
Consolidated Portfolio 20,851 20,290 20,276 20,253 20,242
Defense/IT Portfolio 23,159 22,597 22,583 22,560 22,549
Same Property 23,858 23,858 23,858 23,858 23,858
(1)Except for the Consolidated Portfolio, includes properties owned through unconsolidated real estate JVs (see page 34).

5
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Consolidated Balance Sheets
(in thousands)
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24
Assets          
Properties, net          
Operating properties, net $ 3,500,087  $ 3,372,672  $ 3,359,676  $ 3,343,341  $ 3,353,477 
Development and redevelopment in progress, including land (1) 95,284  140,091  108,710  89,132  67,342 
Land held (1) 188,106  213,093  214,170  211,009  209,707 
Total properties, net 3,783,477  3,725,856  3,682,556  3,643,482  3,630,526 
Property - operating lease right-of-use assets 50,383  51,838  53,271  54,374  55,760 
Cash and cash equivalents 274,986  23,687  21,288  24,292  38,284 
Investment in unconsolidated real estate joint ventures 36,368  36,301  38,555  38,960  39,360 
Accounts receivable, net 58,185  38,931  43,873  45,924  42,234 
Deferred rent receivable 177,921  173,758  171,257  165,968  161,438 
Lease incentives, net 72,347  68,263  66,478  64,260  64,013 
Deferred leasing costs, net 75,052  72,272  73,342  71,468  71,268 
Investing receivables, net 69,856  79,772  79,300  78,430  69,680 
Prepaid expenses and other assets, net 103,215  80,754  57,030  63,153  81,628 
Total assets $ 4,701,790  $ 4,351,432  $ 4,286,950  $ 4,250,311  $ 4,254,191 
Liabilities and equity          
Liabilities          
Debt $ 2,767,834  $ 2,443,518  $ 2,438,591  $ 2,412,670  $ 2,391,755 
Accounts payable and accrued expenses 147,200  135,331  106,749  98,039  126,031 
Rents received in advance and security deposits 37,914  36,988  37,799  41,624  38,560 
Dividends and distributions payable 35,205  35,220  35,214  35,208  33,909 
Deferred revenue associated with operating leases 47,714  43,671  39,325  38,915  39,752 
Property - operating lease liabilities 45,012  46,203  47,372  48,216  49,240 
Other liabilities 33,236  31,245  12,901  13,809  14,377 
Total liabilities 3,114,115  2,772,176  2,717,951  2,688,481  2,693,624 
Redeemable noncontrolling interest 25,506  24,217  23,258  23,539  23,974 
Equity      
COPT Defense’s shareholders’ equity      
Common shares 1,132  1,130  1,129  1,129  1,127 
Additional paid-in capital 2,502,661  2,497,736  2,495,422  2,492,454  2,494,369 
Cumulative distributions in excess of net income (988,957) (991,935) (999,218) (1,003,120) (1,003,401)
Accumulated other comprehensive (loss) income (61) 79  342  403  988 
Total COPT Defense’s shareholders’ equity 1,514,775  1,507,010  1,497,675  1,490,866  1,493,083 
Noncontrolling interests in subsidiaries          
Common units in the Operating Partnership 29,317  33,024  33,181  32,745  28,935 
Other consolidated entities 18,077  15,005  14,885  14,680  14,575 
Total noncontrolling interests in subsidiaries 47,394  48,029  48,066  47,425  43,510 
Total equity 1,562,169  1,555,039  1,545,741  1,538,291  1,536,593 
Total liabilities, redeemable noncontrolling interest and equity $ 4,701,790  $ 4,351,432  $ 4,286,950  $ 4,250,311  $ 4,254,191 
(1)Refer to pages 26 and 28 for detail.


6
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Consolidated Statements of Operations
(in thousands)
  Three Months Ended Years Ended
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24
Revenues          
Lease revenue $ 185,002  $ 178,272  $ 175,598  $ 175,308  $ 169,765  $ 714,180  $ 671,366 
Other property revenue 1,483  2,038  1,859  2,289  1,641  7,669  6,351 
Construction contract and other service revenues 10,872  8,485  12,458  10,259  12,027  42,074  75,550 
Total revenues 197,357  188,795  189,915  187,856  183,433  763,923  753,267 
Operating expenses          
Property operating expenses 74,616  70,356  66,915  72,040  66,964  283,927  266,001 
Depreciation and amortization associated with real estate operations 42,263  40,631  39,573  39,359  38,821  161,826  153,640 
Construction contract and other service expenses 10,432  7,952  11,873  9,705  11,519  39,962  73,265 
General and administrative expenses 7,943  8,483  8,202  8,148  8,429  32,776  33,555 
Leasing expenses 2,896  2,449  2,613  2,999  2,243  10,957  9,233 
Business development expenses and land carry costs 904  1,098  1,096  1,009  1,171  4,107  4,250 
Total operating expenses 139,054  130,969  130,272  133,260  129,147  533,555  539,944 
Interest expense (24,324) (20,894) (20,938) (20,504) (20,391) (86,660) (82,151)
Interest and other income, net 5,301  2,591  1,223  1,568  2,331  10,683  12,661 
Gain on sales of real estate 32  3,018  —  300  —  3,350  — 
Loss on early extinguishment of debt (66) —  —  —  —  (66) — 
Income before equity in income of unconsolidated entities and income taxes 39,246  42,541  39,928  35,960  36,226  157,675  143,833 
Equity in income of unconsolidated entities 265  1,815  355  371  217  2,806  397 
Income tax (expense) benefit (115) (612) (117) (103) 24  (947) (288)
Net income 39,396  43,744  40,166  36,228  36,467  159,534  143,942 
Net income attributable to noncontrolling interests          
Common units in the Operating Partnership (743) (924) (846) (726) (681) (3,239) (2,694)
Other consolidated entities (1,152) (1,093) (973) (762) (665) (3,980) (2,319)
Net income attributable to common shareholders $ 37,501  $ 41,727  $ 38,347  $ 34,740  $ 35,121  $ 152,315  $ 138,929 
Amount allocable to share-based compensation awards (113) (133) (112) (143) (103) (435) (421)
Numerator for diluted EPS $ 37,388  $ 41,594  $ 38,235  $ 34,597  $ 35,018  $ 151,880  $ 138,508 
7
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Funds from Operations
(in thousands)
  Three Months Ended Years Ended
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24
Net income $ 39,396  $ 43,744  $ 40,166  $ 36,228  $ 36,467  $ 159,534  $ 143,942 
Real estate-related depreciation and amortization 42,263  40,631  39,573  39,359  38,821  161,826  153,640 
Gain on sales of real estate (32) (3,018) —  (300) —  (3,350) — 
Depreciation and amortization on unconsolidated real estate JVs (1) 744  733  732  741  745  2,950  3,056 
FFO - per Nareit (2) 82,371  82,090  80,471  76,028  76,033  320,960  300,638 
FFO allocable to other noncontrolling interests (3) (1,524) (1,502) (1,382) (1,158) (1,050) (5,566) (3,855)
Basic FFO allocable to share-based compensation awards (543) (548) (550) (530) (614) (2,171) (2,417)
Basic FFO available to common share and common unit holders (2) 80,304  80,040  78,539  74,340  74,369  313,223  294,366 
Redeemable noncontrolling interest —  —  —  —  —  —  1,963 
Diluted FFO adjustments allocable to share-based compensation awards 54  53  96  53  47  387  188 
Diluted FFO available to common share and common unit holders - per Nareit (2) 80,358  80,093  78,635  74,393  74,416  313,610  296,517 
Loss on early extinguishment of debt 66  —  —  —  —  66  — 
Loss on early extinguishment of debt on unconsolidated real estate JVs (1) —  28  —  —  —  28  — 
Executive transition costs —  —  —  —  58  —  285 
Diluted FFO comparability adjustments allocable to share-based compensation awards —  —  —  —  (1) —  (2)
Diluted FFO available to common share and common unit holders, as adjusted for comparability (2) $ 80,424  $ 80,121  $ 78,635  $ 74,393  $ 74,473  $ 313,704  $ 296,800 
(1)See page 34 for additional disclosure regarding our unconsolidated real estate JVs.
(2)Refer to the section entitled “Definitions” for a definition of this measure.
(3)Pertains to noncontrolling interests in consolidated real estate JVs reported on page 33.
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4Q 2025 Supplemental Information Package
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COPT Defense Properties
Diluted Share + Unit Computations
(in thousands, except per share data)

  Three Months Ended Years Ended
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24
EPS Denominator          
Weighted average common shares - basic 112,733  112,485  112,459  112,383  112,347  112,516  112,296 
Dilutive effect of share-based compensation awards 850  702  765  643  711  788  603 
Dilutive exchangeable debt —  —  —  —  664  —  — 
Weighted average common shares - diluted 113,583  113,187  113,224  113,026  113,722  113,304  112,899 
Diluted EPS $ 0.33  $ 0.37  $ 0.34  $ 0.31  $ 0.31  $ 1.34  $ 1.23 
Weighted Average Shares for period ended              
Common shares 112,733  112,485  112,459  112,383  112,347  112,516  112,296 
Dilutive effect of share-based compensation awards 850  702  765  643  711  788  603 
Common units 1,926  2,182  2,177  2,047  1,664  2,083  1,672 
Redeemable noncontrolling interest —  —  —  —  —  —  842 
Dilutive exchangeable debt —  —  —  —  664  —  — 
Denominator for diluted FFO per share and as adjusted for comparability 115,509  115,369  115,401  115,073  115,386  115,387  115,413 
Weighted average common units (1,926) (2,182) (2,177) (2,047) (1,664) (2,083) (1,672)
Redeemable noncontrolling interest —  —  —  —  —  —  (842)
Denominator for diluted EPS 113,583  113,187  113,224  113,026  113,722  113,304  112,899 
Diluted FFO per share - Nareit (1) $ 0.70  $ 0.69  $ 0.68  $ 0.65  $ 0.64  $ 2.72  $ 2.57 
Diluted FFO per share - as adjusted for comparability (1) $ 0.70  $ 0.69  $ 0.68  $ 0.65  $ 0.65  $ 2.72  $ 2.57 
(1)Refer to the section entitled “Definitions” for a definition of this measure.
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4Q 2025 Supplemental Information Package
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COPT Defense Properties
Adjusted Funds from Operations
(in thousands)
  Three Months Ended Years Ended
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24
Diluted FFO available to common share and common unit holders, as adjusted for comparability (1) $ 80,424  $ 80,121  $ 78,635  $ 74,393  $ 74,473  $ 313,704  $ 296,800 
Straight line rent adjustments and lease incentive amortization 3,634  5,053  (1,836) (1,699) 2,950  5,152  10,824 
Amortization of intangibles and other assets included in NOI (384) 42  64  162  211  (116) 755 
Share-based compensation, net of amounts capitalized 2,954  2,961  2,924  2,854  2,617  11,693  10,443 
Amortization of deferred financing costs 817  657  657  667  671  2,798  2,708 
Amortization of net debt discounts, net of amounts capitalized 1,282  1,070  1,060  1,051  1,041  4,463  4,110 
Replacement capital expenditures (1) (31,290) (26,982) (23,919) (21,464) (34,134) (103,655) (103,984)
Other (228) 352  75  81  73  280  566 
Diluted AFFO available to common share and common unit holders (“diluted AFFO”) (1) $ 57,209  $ 63,274  $ 57,660  $ 56,045  $ 47,902  $ 234,319  $ 222,222 
Replacement capital expenditures (1)          
Tenant improvements and incentives $ 25,671  $ 24,769  $ 15,293  $ 13,758  $ 22,912  $ 79,491  $ 69,505 
Building improvements 8,888  3,662  5,641  1,872  10,942  20,063  28,294 
Leasing costs 5,008  2,240  4,929  3,461  2,629  15,638  12,342 
Net (exclusions from) additions to tenant improvements and incentives (6,335) (3,390) (241) 3,538  (7) (6,428) (3)
Excluded building improvements (1,942) (299) (1,703) (201) (2,342) (4,145) (6,113)
Excluded leasing costs —  —  —  (964) —  (964) (41)
Replacement capital expenditures $ 31,290  $ 26,982  $ 23,919  $ 21,464  $ 34,134  $ 103,655  $ 103,984 
(1)Refer to the section entitled “Definitions” for a definition of this measure.
10
4Q 2025 Supplemental Information Package
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COPT Defense Properties
EBITDAre + Adjusted EBITDA
(in thousands)
  Three Months Ended Years Ended
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24
Net income $ 39,396  $ 43,744  $ 40,166  $ 36,228  $ 36,467  $ 159,534  $ 143,942 
Interest expense 24,324  20,894  20,938  20,504  20,391  86,660  82,151 
Income tax expense (benefit) 115  612  117  103  (24) 947  288 
Real estate-related depreciation and amortization 42,263  40,631  39,573  39,359  38,821  161,826  153,640 
Other depreciation and amortization 435  428  468  542  589  1,873  2,375 
Gain on sales of real estate (32) (3,018) —  (300) —  (3,350) — 
Adjustments from unconsolidated real estate JVs 1,818  1,758  1,515  1,518  1,681  6,609  6,820 
EBITDAre (1) 108,319  105,049  102,777  97,954  97,925  414,099  389,216 
Credit loss (recoveries) expense (644) (324) 1,187  515  (113) 734  383 
Business development expenses 508  731  741  593  758  2,573  2,548 
Executive transition costs —  —  21  57  58  78  638 
Loss on early extinguishment of debt 66  —  —  —  —  66  — 
Loss on early extinguishment of debt on unconsolidated real estate JVs —  28  —  —  —  28  — 
Net gain on other investments (26) (1,713) —  —  —  (1,739) (488)
Adjusted EBITDA (1) 108,223  103,771  104,726  99,119  98,628  $ 415,839  $ 392,297 
Pro forma NOI adjustment for property changes within period 1,969  21  57  786  528 
Change in collectability of deferred rental revenue 127  —  20  1,232  1,646 
In-place adjusted EBITDA (1) $ 110,319  $ 103,792  $ 104,803  $ 101,137  $ 100,802 
(1)Refer to the section entitled “Definitions” for a definition of this measure.

11
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Properties by Segment - 12/31/25
(square feet in thousands)
# of
Properties		 Operational
Square Feet		 % Occupied % Leased
Defense/IT Portfolio
Fort Meade/Baltimore Washington (“BW”) Corridor        
National Business Park (Annapolis Junction, MD) 34  4,288  96.8% 97.0%
Howard County, MD 36  3,064  89.2% 92.8%
Other 25  1,883  93.3% 93.4%
Total Fort Meade/BW Corridor 95  9,235  93.6% 94.9%
Redstone Arsenal (Huntsville, AL) 25  2,525  96.1% 97.5%
Northern Virginia (“NoVA”) Defense/IT 17  2,643  93.5% 94.5%
Lackland Air Force Base (San Antonio, TX) 9  1,143  100.0% 100.0%
Navy Support 22  1,271  86.9% 90.2%
Data Center Shells
Consolidated Properties 9  2,047  100.0% 100.0%
Unconsolidated JV Properties (1) 24  4,295  100.0% 100.0%
Total Defense/IT Portfolio 201  23,159  95.5% 96.5%
Other 6  1,988  76.6% 81.1%
Total Portfolio 207  25,147  94.0% 95.3%
Consolidated Portfolio 183  20,851  92.8% 94.3%
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(1)See page 34 for additional disclosure regarding our unconsolidated real estate JVs.
(2)Refer to the section entitled “Definitions” for a definition of this measure.
12
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Consolidated Real Estate Revenues + NOI by Segment
(in thousands)
  Three Months Ended Years Ended
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24
Consolidated real estate revenues          
Defense/IT Portfolio
Fort Meade/BW Corridor $ 82,215  $ 81,756  $ 81,337  $ 84,608  $ 79,307  $ 329,916  $ 317,319 
Redstone Arsenal 19,783  19,477  18,977  16,422  17,160  74,659  69,317 
NoVA Defense/IT 23,307  22,343  22,018  23,162  21,924  90,830  86,034 
Lackland Air Force Base 20,639  18,555  17,475  16,410  18,100  73,079  67,837 
Navy Support 8,621  8,727  8,258  7,960  8,094  33,566  32,628 
Data Center Shells-Consolidated 12,642  10,715  10,644  10,865  10,104  44,866  37,190 
Total Defense/IT Portfolio 167,207  161,573  158,709  159,427  154,689  646,916  610,325 
Other 19,278  18,737  18,748  18,170  16,717  74,933  67,392 
Consolidated real estate revenues (1) $ 186,485  $ 180,310  $ 177,457  $ 177,597  $ 171,406  $ 721,849  $ 677,717 
NOI from real estate operations (2)          
Defense/IT Portfolio
Fort Meade/BW Corridor $ 52,028  $ 53,279  $ 54,440  $ 52,678  $ 52,236  $ 212,425  $ 208,530 
Redstone Arsenal 12,857  12,227  12,817  10,128  10,951  48,029  45,132 
NoVA Defense/IT 14,104  13,452  13,160  13,073  13,309  53,789  49,975 
Lackland Air Force Base 9,059  8,310  8,234  7,411  7,576  33,014  30,668 
Navy Support 4,807  4,711  4,402  3,794  4,291  17,714  17,482 
Data Center Shells
Consolidated properties 10,486  9,014  8,861  9,012  8,568  37,373  31,066 
COPT Defense’s share of unconsolidated real estate JVs 2,083  1,864  1,870  1,889  1,898  7,706  7,217 
Total Defense/IT Portfolio 105,424  102,857  103,784  97,985  98,829  410,050  390,070 
Other 8,528  8,961  8,628  9,461  7,511  35,578  28,863 
NOI from real estate operations (1) $ 113,952  $ 111,818  $ 112,412  $ 107,446  $ 106,340  $ 445,628  $ 418,933 
(1)Refer to the section entitled “Supplementary Reconciliations of Non-GAAP Measures” for reconciliation.
(2)Refer to the section entitled “Definitions” for a definition of this measure.
13
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Cash NOI by Segment
(in thousands)
  Three Months Ended Years Ended
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24
Cash NOI from real estate operations (1)          
Defense/IT Portfolio
Fort Meade/BW Corridor $ 52,727  $ 53,019  $ 51,640  $ 50,104  $ 52,096  $ 207,490  $ 201,186 
Redstone Arsenal 9,937  9,549  10,283  8,723  8,554  38,492  33,626 
NoVA Defense/IT 14,607  13,669  12,717  12,263  13,308  53,256  51,916 
Lackland Air Force Base 8,946  8,863  8,846  8,086  8,194  34,741  32,722 
Navy Support 4,628  4,155  4,215  3,833  4,215  16,831  17,374 
Data Center Shells
Consolidated properties 8,170  8,217  7,521  7,002  6,783  30,910  26,958 
COPT Defense’s share of unconsolidated real estate JVs 1,682  1,655  1,651  1,628  1,611  6,616  6,134 
Total Defense/IT Portfolio 100,697  99,127  96,873  91,639  94,761  388,336  369,916 
Other 7,010  7,997  8,054  9,586  7,815  32,647  29,105 
Cash NOI from real estate operations (2) $ 107,707  $ 107,124  $ 104,927  $ 101,225  $ 102,576  $ 420,983  $ 399,021 
(1)Refer to the section entitled “Definitions” for a definition of this measure.
(2)Refer to the section entitled “Supplementary Reconciliations of Non-GAAP Measures” for reconciliation.
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14
4Q 2025 Supplemental Information Package
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COPT Defense Properties
NOI from Real Estate Operations + Occupancy by Property Grouping - 12/31/25
(dollars and square feet in thousands)
  As of Period End NOI from Real Estate Operations (3)
# of
Properties		 Operational Square Feet % Occupied (1) % Leased (1) Annualized
Rental Revenue (2)		 % of Total
Annualized
Rental Revenue (2)
Property Grouping Three Months Ended Year Ended
Defense/IT Portfolio
Same Property (2)
Consolidated properties 168  17,575  94.8% 95.8% $ 613,205  84.2 % $ 96,945  $ 386,176 
Unconsolidated JV properties 24  4,295  100.0% 100.0% 8,286  1.1 % 2,083  7,706 
Total Same Property in Defense/IT Portfolio 192  21,870  95.8% 96.6% 621,491  85.4 % 99,028  393,882 
Properties Placed in Service (4) 6  863  96.9% 96.9% 23,991  3.3 % 4,587  12,069 
Acquired properties 3  426  78.8% 90.1% 11,776  1.6 % 1,809  4,099 
Total Defense/IT Portfolio 201  23,159  95.5% 96.5% 657,258  90.3 % 105,424  410,050 
Other 6  1,988  76.6% 81.1% 70,827  9.7 % 8,528  35,578 
Total Portfolio 207  25,147  94.0% 95.3% $ 728,085  100.0 % $ 113,952  $ 445,628 
Consolidated Portfolio 183  20,851  92.8% 94.3% $ 719,799  98.9 % $ 111,869  $ 437,922 
(1)Percentages calculated based on operational square feet.
(2)Refer to the section entitled “Definitions” for a definition of this measure.
(3)Refer to the section entitled “Supplementary Reconciliations of Non-GAAP Measures” for reconciliation.
(4)Newly developed or redeveloped properties placed in service that were not fully operational by 1/1/24.

15
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Same Property (1) Average Occupancy Rates by Segment 
(square feet in thousands)
  # of Properties Operational Square Feet Three Months Ended Years Ended
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24
Defense/IT Portfolio
Fort Meade/BW Corridor 94  9,032  94.5 % 95.2 % 95.3 % 95.6 % 96.0 % 95.2 % 95.9 %
Redstone Arsenal 22  2,301  97.1 % 97.9 % 98.3 % 97.6 % 97.5 % 97.7 % 97.3 %
NoVA Defense/IT 16  2,501  92.8 % 93.1 % 92.5 % 92.3 % 91.1 % 92.7 % 89.5 %
Lackland Air Force Base 8  1,062  100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Navy Support 22  1,271  85.8 % 83.5 % 83.4 % 82.1 % 82.9 % 83.7 % 84.0 %
Data Center Shells
Consolidated properties 6  1,408  100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Unconsolidated JV properties 24  4,295  100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Total Defense/IT Portfolio 192  21,870  95.8 % 96.0 % 96.1 % 96.0 % 96.1 % 96.0 % 95.9 %
Other 6  1,988  76.8 % 76.2 % 75.6 % 73.3 % 72.7 % 75.5 % 72.5 %
Total Same Property 198  23,858  94.2 % 94.4 % 94.3 % 94.1 % 94.1 % 94.3 % 93.9 %

Same Property (1) Period End Occupancy Rates by Segment 
(square feet in thousands)
# of Properties Operational Square Feet
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24
Defense/IT Portfolio
Fort Meade/BW Corridor 94  9,032  94.4 % 94.9 % 95.4 % 95.3 % 96.7 %
Redstone Arsenal 22  2,301  96.8 % 97.1 % 98.3 % 98.1 % 97.4 %
NoVA Defense/IT 16  2,501  93.1 % 93.0 % 93.1 % 92.2 % 91.7 %
Lackland Air Force Base 8  1,062  100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Navy Support 22  1,271  86.9 % 83.9 % 84.0 % 81.6 % 82.6 %
Data Center Shells
Consolidated properties 6  1,408  100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Unconsolidated JV properties 24  4,295  100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Total Defense/IT Portfolio 192  21,870  95.8 % 95.9 % 96.2 % 95.9 % 96.4 %
Other 6  1,988  76.6 % 76.8 % 76.2 % 74.7 % 72.7 %
Total Same Property 198  23,858  94.2 % 94.3 % 94.5 % 94.1 % 94.4 %
(1)Refer to the section entitled “Definitions” for a definition of this measure.
16
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Same Property Real Estate Revenues + NOI by Segment
(in thousands)
  Three Months Ended Years Ended
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24
Same Property real estate revenues          
Defense/IT Portfolio
Fort Meade/BW Corridor $ 81,248  $ 80,830  $ 80,405  $ 83,584  $ 78,371  $ 326,067  $ 314,296 
Redstone Arsenal 17,578  17,721  17,573  15,096  15,876  67,968  65,492 
NoVA Defense/IT 22,349  22,343  22,018  23,162  21,924  89,872  86,034 
Lackland Air Force Base 19,870  17,798  16,734  16,416  18,098  70,818  67,835 
Navy Support 8,621  8,727  8,258  7,960  8,095  33,566  32,629 
Data Center Shells-Consolidated 9,147  9,025  8,996  9,304  9,044  36,472  36,134 
Total Defense/IT Portfolio 158,813  156,444  153,984  155,522  151,408  624,763  602,420 
Other 16,889  16,419  16,291  15,675  14,506  65,274  59,109 
Same Property real estate revenues $ 175,702  $ 172,863  $ 170,275  $ 171,197  $ 165,914  $ 690,037  $ 661,529 
Same Property NOI from real estate operations (“NOI”)          
Defense/IT Portfolio
Fort Meade/BW Corridor $ 51,602  $ 52,842  $ 54,111  $ 52,167  $ 51,773  $ 210,722  $ 207,170 
Redstone Arsenal 11,207  11,119  11,725  9,180  9,995  43,231  42,165 
NoVA Defense/IT 13,318  13,453  13,160  13,072  13,309  53,003  49,975 
Lackland Air Force Base 8,501  7,737  7,638  7,607  7,740  31,483  30,837 
Navy Support 4,807  4,710  4,403  3,794  4,292  17,714  17,483 
Data Center Shells
Consolidated properties 7,510  7,498  7,527  7,488  7,508  30,023  30,040 
COPT Defense’s share of unconsolidated real estate JVs 2,083  1,864  1,870  1,889  1,898  7,706  7,217 
Total Defense/IT Portfolio 99,028  99,223  100,434  95,197  96,515  393,882  384,887 
Other 8,129  8,647  8,231  9,079  7,304  34,086  28,180 
Same Property NOI (1) $ 107,157  $ 107,870  $ 108,665  $ 104,276  $ 103,819  $ 427,968  $ 413,067 
(1)Refer to the section entitled “Supplementary Reconciliations of Non-GAAP Measures” for reconciliation.



17
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Same Property Cash NOI by Segment
(dollars in thousands)
  Three Months Ended Years Ended
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24
Same Property cash NOI from real estate operations (“cash NOI”)          
Defense/IT Portfolio
Fort Meade/BW Corridor $ 52,810  $ 53,090  $ 51,390  $ 49,457  $ 51,525  $ 206,747  $ 199,457 
Redstone Arsenal 9,238  9,257  9,847  8,509  8,315  36,851  32,964 
NoVA Defense/IT 13,945  13,669  12,717  12,263  13,308  52,594  51,916 
Lackland Air Force Base 8,452  8,368  8,327  8,283  8,357  33,430  32,890 
Navy Support 4,627  4,155  4,215  3,833  4,215  16,830  17,374 
Data Center Shells
Consolidated properties 6,914  6,881  6,891  7,039  6,780  27,725  26,990 
COPT Defense’s share of unconsolidated real estate JVs 1,682  1,655  1,651  1,628  1,611  6,616  6,134 
Total Defense/IT Portfolio 97,668  97,075  95,038  91,012  94,111  380,793  367,725 
Other 6,628  7,698  7,672  9,150  7,518  31,148  28,094 
Same Property cash NOI (1) $ 104,296  $ 104,773  $ 102,710  $ 100,162  $ 101,629  $ 411,941  $ 395,819 
Percentage change in total Same Property cash NOI (1)(2) 2.6% 4.1%
Percentage change in Defense/IT Portfolio Same Property cash NOI (2) 3.8% 3.6%

(1)Refer to the section entitled “Supplementary Reconciliations of Non-GAAP Measures” for reconciliation.
(2)Represents the change between the current period and the same period in the prior year.

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18
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Leasing (1)(2)
Three Months Ended 12/31/25
(square feet in thousands)
Defense/IT Portfolio
  Ft Meade/BW Corridor Redstone Arsenal NoVA Defense/IT Lackland Air Force Base Navy Support Total Defense/IT Portfolio Other  Total
Renewed Space        
Leased Square Feet 60  20  90  —  77  247  89  336 
Expiring Square Feet 164  36  105  —  88  393  145  538 
Vacating Square Feet 104  16  15  —  11  146  56  202 
Retention Rate (% based upon square feet) 36.6 % 55.7 % 85.6 % — % 87.8 % 62.9 % 61.5 % 62.5 %
Statistics for Completed Leasing
Per Annum Average Committed Cost per Square Foot $ 3.08  $ 3.45  $ 2.58  $ —  $ 4.15  $ 3.26  $ 8.18  $ 4.56 
Weighted Average Lease Term in Years 4.0  4.6  4.6  —  2.8  3.9  12.1  6.1 
Straight-line Rent Per Square Foot
Renewal Straight-line Rent $ 37.70  $ 24.98  $ 37.48  $ —  $ 32.84  $ 35.07  $ 36.75  $ 35.51 
Expiring Straight-line Rent $ 36.24  $ 23.54  $ 34.14  $ —  $ 29.79  $ 32.43  $ 39.62  $ 34.33 
Change in Straight-line Rent 4.0 % 6.1 % 9.8 % — % 10.3 % 8.1 % (7.2 %) 3.4 %
Cash Rent Per Square Foot
Renewal Cash Rent $ 37.23  $ 26.26  $ 37.55  $ —  $ 32.75  $ 35.06  $ 34.43  $ 34.89 
Expiring Cash Rent $ 36.86  $ 26.15  $ 36.86  $ —  $ 32.49  $ 34.63  $ 42.79  $ 36.79 
Change in Cash Rent 1.0 % 0.4 % 1.9 % — % 0.8 % 1.2 % (19.5 %) (5.2 %)
Compound Annual Growth Rate 3.4 % 3.2 % 3.2 % — % 3.4 % 3.3 % 0.8 % 2.6 %
Average Escalations Per Year 2.6 % 2.3 % 2.5 % — % 2.7 % 2.6 % 2.4 % 2.5 %
New Leases
Investment Space
Leased Square Feet 110  32  —  132  —  274  —  274 
Statistics for Completed Leasing
Per Annum Average Committed Cost per Square Foot $ 5.30  $ 8.56  $ —  $ 1.17  $ —  $ 3.69  $ —  $ 3.69 
Weighted Average Lease Term in Years 15.0  10.8  —  15.0  —  14.5  —  14.5 
Straight-line Rent Per Square Foot $ 45.48  $ 39.55  $ —  $ 71.98  $ —  $ 57.58  $ —  $ 57.58 
Cash Rent Per Square Foot $ 41.50  $ 37.25  $ —  $ 61.51  $ —  $ 50.67  $ —  $ 50.67 
Vacant Space
Leased Square Feet 83  —  9  —  24  116  9  125 
Statistics for Completed Leasing
Per Annum Average Committed Cost per Square Foot $ 4.81  $ —  $ 8.81  $ —  $ 9.05  $ 6.00  $ 13.74  $ 6.57 
Weighted Average Lease Term in Years 7.7  —  3.0  —  5.6  6.9  6.8  6.9 
Straight-line Rent Per Square Foot $ 33.37  $ —  $ 34.86  $ —  $ 39.58  $ 34.78  $ 35.40  $ 34.82 
Cash Rent Per Square Foot $ 33.77  $ —  $ 34.00  $ —  $ 39.97  $ 35.08  $ 34.65  $ 35.05 
Total Square Feet Leased 253  52  99  132  101  637  98  735 
Average Escalations Per Year 2.5 % 2.5 % 2.5 % 2.8 % 2.6 % 2.6 % 2.4 % 2.6 %
    
(1)Activity excludes owner occupied space, leases with less than a one-year term and expirations associated with space removed from service. Weighted average lease term is based on the term defined in the lease assuming no exercise of early termination rights. Committed costs for leasing are reported above in the period of lease execution. Actual capital expenditures for leasing are reported on page 10 in the period such costs are incurred.
(2)Refer to the section entitled “Definitions” for definitions of certain terms on this schedule.
19
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Leasing (1)(2)
Year Ended 12/31/25
(square feet in thousands)
Defense/IT Portfolio
  Ft Meade/BW Corridor Redstone Arsenal NoVA Defense/IT Lackland Air Force Base Navy Support Data Center Shells Total Defense/IT Portfolio Other Total
Renewed Space        
Leased Square Feet 1,012  518  142  —  209  45  1,925  118  2,043 
Expiring Square Feet 1,351  581  170  —  281  45  2,428  195  2,623 
Vacating Square Feet 339  63  29  —  72  —  503  77  579 
Retention Rate (% based upon square feet) 74.9 % 89.2 % 83.2 % — % 74.5 % 100.0 % 79.3 % 60.5 % 77.9 %
Statistics for Completed Leasing
Per Annum Average Committed Cost per Square Foot $ 2.10  $ 1.84  $ 2.70  $ —  $ 3.93  $ 1.05  $ 2.25  $ 6.77  $ 2.51 
Weighted Average Lease Term in Years 3.8  8.2  3.9  —  3.7  5.0  5.0  10.0  5.3 
Straight-line Rent Per Square Foot
Renewal Straight-line Rent $ 37.47  $ 27.35  $ 37.94  $ —  $ 34.24  $ 39.26  $ 34.47  $ 34.98  $ 34.50 
Expiring Straight-line Rent $ 35.06  $ 23.22  $ 34.11  $ —  $ 31.74  $ 18.08  $ 31.05  $ 38.34  $ 31.47 
Change in Straight-line Rent 6.9 % 17.8 % 11.2 % — % 7.9 % 117.2 % 11.0 % (8.8 %) 9.6 %
Cash Rent Per Square Foot
Renewal Cash Rent $ 37.47  $ 27.06  $ 37.92  $ —  $ 35.29  $ 37.38  $ 34.46  $ 33.00  $ 34.38 
Expiring Cash Rent $ 37.95  $ 24.51  $ 37.25  $ —  $ 35.06  $ 19.57  $ 33.55  $ 41.66  $ 34.01 
Change in Cash Rent (1.3 %) 10.4 % 1.8 % — % 0.7 % 91.0 % 2.7 % (20.8 %) 1.1 %
Compound Annual Growth Rate 2.0 % 3.0 % 3.1 % — % 3.4 % 10.5 % 2.7 % 0.9 % 2.6 %
Average Escalations Per Year 2.7 % 1.2 % 2.5 % — % 2.5 % 3.0 % 2.0 % 2.4 % 2.0 %
New Leases
Investment Space
Leased Square Feet 158  187  —  132  —  —  477  —  477 
Statistics for Completed Leasing
Per Annum Average Committed Cost per Square Foot $ 6.62  $ 3.65  $ —  $ 1.17  $ —  $ —  $ 3.95  $ —  $ 3.95 
Weighted Average Lease Term in Years 13.8  11.2  —  15.0  —  —  13.1  —  13.1 
Straight-line Rent Per Square Foot $ 40.96  $ 30.06  $ —  $ 71.98  $ —  $ —  $ 45.28  $ —  $ 45.28 
Cash Rent Per Square Foot $ 37.85  $ 29.44  $ —  $ 61.51  $ —  $ —  $ 41.11  $ —  $ 41.11 
Vacant Space
Leased Square Feet 199  73  42  —  109  —  424  133  557 
Statistics for Completed Leasing
Per Annum Average Committed Cost per Square Foot $ 6.59  $ 6.89  $ 10.87  $ —  $ 6.57  $ —  $ 7.07  $ 11.11  $ 8.04 
Weighted Average Lease Term in Years 7.9  8.3  7.4  —  5.5  —  7.3  8.5  7.6 
Straight-line Rent Per Square Foot $ 31.55  $ 27.11  $ 35.79  $ —  $ 30.71  $ —  $ 31.00  $ 34.71  $ 31.88 
Cash Rent Per Square Foot $ 30.93  $ 26.71  $ 34.89  $ —  $ 31.45  $ —  $ 30.73  $ 34.59  $ 31.66 
Total Square Feet Leased 1,369  778  184  132  318  45  2,826  251  3,077 
Average Escalations Per Year 2.7 % 1.6 % 2.5 % 2.8 % 2.7 % 3.0 % 2.3 % 2.5 % 2.3 %
Average Escalations Excl. Data Center Shells 2.3 %
(1)Activity excludes owner occupied space, leases with less than a one-year term and expirations associated with space removed from service. Weighted average lease term is based on the term defined in the lease assuming no exercise of early termination rights. Committed costs for leasing are reported above in the period of lease execution. Actual capital expenditures for leasing are reported on page 10 in the period such costs are incurred.
(2)Refer to the section entitled “Definitions” for definitions of certain terms on this schedule.
20
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Lease Expiration Analysis as of 12/31/25 (1)
(dollars and square feet in thousands, except per square foot amounts)
Segment of Lease and Year of Expiration (2) Square Footage of Leases Expiring Annualized Rental
Revenue of Expiring Leases (3)		 % of Defense/IT
Annualized 
Rental
Revenue
Expiring (3)		 Annualized Rental
Revenue of
Expiring Leases per Occupied Sq. Foot (3)
Defense/IT Portfolio
Fort Meade/BW Corridor 1,589  $ 69,306  10.5 % $ 43.56 
Redstone Arsenal 21  639  0.1 % 30.32 
NoVA Defense/IT 87  2,981  0.5 % 34.33 
Lackland Air Force Base 953  60,028  9.1 % 63.01 
Navy Support 174  5,185  0.8 % 29.76 
2026 2,824  138,140  21.0 % 48.89 
Fort Meade/BW Corridor 1,031  40,269  6.1 % 39.04 
Redstone Arsenal 176  5,050  0.8 % 28.70 
NoVA Defense/IT 109  3,818  0.6 % 34.95 
Navy Support 292  9,447  1.4 % 32.35 
Data Center Shells-Unconsolidated JV Properties 364  549  0.1 % 15.07 
2027 1,972  59,133  9.0 % 35.94 
Fort Meade/BW Corridor 2,065  78,880  12.0 % 38.15 
Redstone Arsenal 16  450  0.1 % 29.03 
NoVA Defense/IT 420  18,215  2.8 % 43.39 
Navy Support 146  4,435  0.7 % 30.35 
Data Center Shells-Unconsolidated JV Properties 515  917  0.1 % 17.80 
2028 3,162  102,898  15.7 % 38.10 
Fort Meade/BW Corridor 1,170  40,587  6.2 % 34.64 
Redstone Arsenal 464  10,109  1.5 % 21.71 
NoVA Defense/IT 719  28,444  4.3 % 39.57 
Navy Support 121  3,488  0.5 % 28.95 
Data Center Shells-Unconsolidated JV Properties 992  2,365  0.4 % 23.84 
2029 3,466  84,993  12.9 % 33.00 
Fort Meade/BW Corridor 1,064  35,593  5.4 % 33.34 
Redstone Arsenal 246  6,775  1.0 % 27.56 
NoVA Defense/IT 116  4,535  0.7 % 39.03 
Navy Support 52  1,509  0.2 % 28.99 
Data Center Shells-Unconsolidated JV Properties 432  842  0.1 % 19.49 
2030 1,910  49,254  7.5 % 32.30 
Thereafter
Consolidated Properties 6,800  219,228  33.4 % 31.44 
Unconsolidated JV Properties 1,992  3,614  0.5 % 18.14 
Total Defense/IT Portfolio 22,126  $ 657,258  100.0 % $ 35.67 

21
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Lease Expiration Analysis as of 12/31/25 (1) (continued)
(dollars and square feet in thousands, except per square foot amounts)
Segment of Lease and Year of Expiration (2) Square Footage of Leases Expiring Annualized Rental
Revenue of Expiring Leases (3)		 % of Total
Annualized 
Rental
Revenue
Expiring (3)		 Annualized Rental
Revenue of
Expiring Leases per Occupied Sq. Foot (3)
Total Defense/IT Portfolio 22,126  $ 657,258  90.3 % $ 35.67 
Other
         2026 82  2,161  0.3 % 25.94 
         2027 88  3,998  0.5 % 44.86 
         2028 264  16,982  2.3 % 37.69 
         2029 156  6,570  0.9 % 41.78 
         2030 33  1,207  0.2 % 36.81 
Thereafter 900  39,909  5.5 % 44.31 
Total Other 1,523  70,827  9.7 % 41.78 
Total Portfolio 23,649  $ 728,085  100.0 % $ 36.14 
Consolidated Portfolio 19,354  $ 719,799 
Unconsolidated JV Properties 4,295  $ 8,286 
Note: As of 12/31/25, the weighted average lease term was 5.2 years for both the total and consolidated portfolio and 5.1 years for the Defense/IT portfolio.

(1)This expiration analysis reflects consolidated and unconsolidated properties and includes the effect of early renewals completed on existing leases but excludes the effect of new tenant leases on square feet yet to commence as of 12/31/25. With regard to properties owned through unconsolidated real estate JVs, the amounts reported above reflect 100% of the properties’ square footage but only reflect the portion of Annualized Rental Revenue that was allocable to our ownership interest.
(2)The year of lease expiration is based on the lease term determined in accordance with GAAP.
(3)Refer to the section entitled “Definitions” for a definition of annualized rental revenue.
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22
4Q 2025 Supplemental Information Package
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COPT Defense Properties
2026 Defense/IT Portfolio Quarterly Lease Expiration Analysis as of 12/31/25 (1)
(dollars and square feet in thousands, except per square foot amounts)
Segment of Lease and Quarter of Expiration (2) Square Footage of Leases Expiring Annualized Rental
Revenue of Expiring Leases (3)		 % of Defense/IT
Annualized
Rental
Revenue Expiring (3)		 Annualized Rental Revenue of Expiring Leases per Occupied Sq. Foot (3)
Fort Meade/BW Corridor 975  $ 42,407  6.5 % $ 43.45 
NoVA Defense/IT 4  135  — % 33.25 
Lackland Air Force Base 953  60,028  9.1 % 63.01 
Navy Support 33  817  0.1 % 24.44 
Q1 2026 1,965  103,387  15.7 % 52.59 
Fort Meade/BW Corridor 319  12,597  1.9 % 39.34 
NoVA Defense/IT 43  1,463  0.2 % 34.41 
Navy Support 67  1,902  0.3 % 28.55 
Q2 2026 429  15,962  2.4 % 37.17 
Fort Meade/BW Corridor 89  3,459  0.5 % 38.97 
Redstone Arsenal 20  598  0.1 % 30.44 
NoVA Defense/IT 28  1,034  0.2 % 37.01 
Navy Support 33  1,026  0.2 % 30.93 
Q3 2026 170  6,117  1.0 % 36.09 
Fort Meade/BW Corridor 206  10,842  1.6 % 52.61 
Redstone Arsenal 1  42  — % 28.70 
NoVA Defense/IT 12  350  0.1 % 28.37 
Navy Support 41  1,440  0.2 % 35.14 
Q4 2026 260  12,674  1.9 % 48.58 
2,824  $ 138,140  21.0 % $ 48.89 
(1)This expiration analysis reflects consolidated and unconsolidated properties and includes the effect of early renewals completed on existing leases but excludes the effect of new tenant leases on square feet yet to commence as of 12/31/25.
(2)The period of lease expiration is based on the lease term determined in accordance with GAAP.
(3)Refer to the section entitled “Definitions” for a definition of annualized rental revenue.
23
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Top 20 Tenants as of 12/31/25 (1)
(dollars and square feet in thousands)
Tenant Total
Annualized
Rental Revenue (2)		 %
of Total
Annualized 
Rental Revenue (2)		 Occupied Square Feet Weighted Average Remaining Lease Term (3)
United States Government (4) $ 257,518  35.4 % 5,650  3.2 
Fortune 100 Company 82,000  11.3 % 6,820  7.7 
General Dynamics Corporation 32,865  4.5 % 657  2.9 
Peraton Corp. 18,754  2.6 % 488  5.5 
The Boeing Company 15,227  2.1 % 443  2.2 
Northrop Grumman Corporation   15,097  2.1 % 519  5.8 
CACI International Inc   14,266  2.0 % 342  3.1 
Fortune 100 Company   12,258  1.7 % 183  8.8 
Booz Allen Hamilton, Inc.   11,218  1.5 % 266  1.8 
Morrison & Foerster, LLP   9,912  1.4 % 102  11.3 
KBR, Inc. 7,904  1.1 % 284  8.1 
CareFirst, Inc.   7,889  1.1 % 216  10.9 
Amentum Holdings, Inc.   7,641  1.0 % 202  3.8 
Yulista Holding, LLC   7,354  1.0 % 368  4.0 
Mantech International Corp.   6,921  1.0 % 208  2.2 
AT&T Corporation   6,859  0.9 % 313  3.9 
University System of Maryland   6,453  0.9 % 176  4.1 
Wells Fargo & Company   5,964  0.8 % 138  3.0 
Lockheed Martin Corporation   5,896  0.8 % 194  4.6 
The MITRE Corporation   4,859  0.7 % 139  4.2 
Subtotal Top 20 Tenants   536,855  73.9 % 17,708  5.3 
All remaining tenants   191,230  26.1 % 5,941  4.8 
Total / Weighted Average   $ 728,085  100.0 % 23,649  5.2 

(1)For properties owned through unconsolidated real estate JVs, includes our share of those properties’ ARR of $8.3 million (see page 34 for additional information).
(2)Refer to the section entitled “Definitions” for a definition of annualized rental revenue.
(3)Weighted average remaining lease term is based on the lease term determined in accordance with GAAP. The weighting of the lease term was computed based on occupied square feet (excluding leases not associated with square feet, such as ground leases).
(4)Substantially all of our government leases are subject to early termination provisions which are customary in government leases. As of 12/31/25, $6.7 million of our ARR was through the General Services Administration (GSA), representing 2.6% of our ARR from the United States Government and 0.9% of our total ARR.






24
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Operating Property Acquisition
(dollars and square feet in thousands)
% Leased
Property Property Segment/Sub-Segment Location # of Properties Operational Square Feet Transaction
Date		 As of Transaction Date
As of 12/31/25
 Transaction Value (1)
Quarter Ended 12/31/25
15050 Conference Center Drive  NoVA Defense/IT Chantilly, VA 1 142  10/30/25 100.0% 100.0% $ 40,000 

(1)The acquisition’s gross purchase price was $40.0 million, or $32.6 million net of a $7.4 million credit for an unpaid tenant improvement allowance.
25
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Summary of Development Projects as of 12/31/25 (1)
(dollars and square feet in thousands) 
Total Rentable Square Feet
% Leased as of 2/4/26
as of 12/31/25 (2)
 Actual or Anticipated Shell Completion Date Anticipated Operational Date (3)
Anticipated Total Cost Cost to Date Cost to Date Placed in Service
Property and Segment/Sub-Segment Location
Defense/IT Portfolio
Fort Meade/BW Corridor
400 National Business Parkway (4) Annapolis Junction, MD 148  100% $ 68,255  $ 49,799  $ 13,760  2Q 25 2Q 26
4400 River Road College Park, MD 110  100% 66,266  4,867  —  2Q 27 3Q 27
620 Guardian Way Annapolis Junction, MD 236  100% 145,970  23,402  —  3Q 28 3Q 28
Fort Meade/BW Corridor Subtotal / Average 494  100% 280,491  78,068  13,760 
Redstone Arsenal
7700 Advanced Gateway Huntsville, AL 101  100% 27,264  2,546  —  1Q 27 1Q 27
8500 Advanced Gateway Huntsville, AL 155  20% 52,317  28,654  —  2Q 26 2Q 27
Redstone Arsenal Subtotal / Average 256  52% 79,581  31,200  — 
Lackland Air Force Base
Project EL 2 San Antonio, TX 132  100% 87,600  813  —  4Q 27 4Q 27
Total Defense/IT Portfolio Under Development 882  86% $ 447,672  $ 110,081  $ 13,760     
(1)Includes properties under, or contractually committed for, development as of 12/31/25. Also included is 620 Guardian Way, which was leased subsequent to 12/31/25.
(2)Cost includes land, development, leasing costs and allocated portion of structured parking and other shared infrastructure, if applicable.
(3)Anticipated operational date is the earlier of the estimated date when leases have commenced on 100% of a property’s space or one year from the cessation of major construction activities.
(4)Cost to date placed in service represents structured parking that was operational as of 12/31/25.


26
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Development Placed in Service as of 12/31/25
(square feet in thousands)
 
Square Feet Placed in Service
Total Space Placed in Service % Leased as of 12/31/25
Total Property
Property Segment/Sub-Segment
% Leased as of 12/31/25
 Rentable Square Feet 2025
Property and Location 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Total 2025
9700 Advanced Gateway
Huntsville, AL
 Redstone Arsenal 100% 50  10  26  14  —  50  100%
Southpoint Phase 2 Bldg B
   Northern VA
 Data Center Shells 100% 193  —  —  —  193  193  100%
MP 3
   Northern VA
 Data Center Shells 100% 225  —  —  —  225  225  100%
Total Development Placed in Service 100% 468  10  26  14  418  468  100%
% Leased as of 12/31/25
 100% 100% 100% 100% 100%

27
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Summary of Land Owned/Controlled as of 12/31/25 (1)
(dollars and square feet in thousands)
Location Acres   Estimated Developable Square Feet Carrying Amount
Defense/IT Portfolio land owned/controlled for future development      
Fort Meade/BW Corridor
National Business Park (Annapolis Junction, MD) 136 1,247
Howard County, MD 19 290
Other 123 1,228
Total Fort Meade/BW Corridor 278   2,765
Redstone Arsenal (2) 280 3,099
NoVA Defense/IT 29   1,171
Navy Support 38 64
Data Center Shells 365 3,300
Total Defense/IT Portfolio land owned/controlled for future development 990 10,399 $ 180,087 
Other land owned/controlled 47   1,478 8,019 
Land held, net 1,037 11,877 $ 188,106 

(1)This land inventory schedule includes properties under ground lease to us and excludes all properties listed as development as detailed on page 26, including 620 Guardian Way, which was leased subsequent to 12/31/25. The costs associated with the land included on this summary are reported on our consolidated balance sheet in the line entitled “land held.”
(2)This land is controlled under a long-term master lease agreement to LW Redstone Company, LLC, a consolidated JV (see page 33). As this land is developed in the future, the JV will execute site-specific leases under the master lease agreement. Lease payments will commence under the site-specific leases as cash rents under tenant leases commence at the respective properties.

28
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Capitalization Overview
(dollars, shares and units in thousands)
Wtd. Avg. Maturity (Years) (1) Stated Rate Effective Rate
(2)(3)
Amount Outstanding at 12/31/25
Debt
Secured debt 3.4 4.77 % 4.63 % $ 142,239 
Unsecured debt 4.1 3.25 % 3.48 % 2,649,061 
Total Consolidated Debt 4.1 3.33 % 3.53 % $ 2,791,300 
Fixed-rate debt (3) 4.1 3.20 % 3.53 % $ 2,791,300 
Variable-rate debt (3) 3.9 4.94 % N/A — 
Total Consolidated Debt $ 2,791,300 
Common Equity
Common Shares 113,211 
Common Units (4) 2,114 
Total Common Shares and Units 115,325 
Closing Common Share Price on 12/31/25
 $ 27.80 
Equity Market Capitalization (5) $ 3,206,035 
Total Market Capitalization (5) $ 5,997,335 
(1)Calculated assuming exercise of extension options on our Revolving Credit Facility, term loan and Revolving Development Facility.
(2)Excludes the effect of deferred financing cost amortization.
(3)Includes the effect of interest rate swaps with notional amounts totaling $210.2 million that hedge the risk of changes in interest rates on variable-rate debt.
(4)Includes certain unvested share-based compensation awards in the form of profit interest units.
(5)Refer to the section entitled “Definitions” for a definition of this measure.











Investment Grade Ratings & Outlook Latest Report
Fitch BBB- Stable 1/15/25
Moody’s Baa3 Positive 10/27/25
S&P BBB- Stable 4/11/25
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29
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Summary of Outstanding Debt as of 12/31/25
(dollars in thousands)
Unsecured Debt Stated Rate Amount Outstanding Maturity Date Secured Debt Stated Rate Amount Outstanding Balloon Payment Due Upon Maturity Maturity Date
Revolving Credit Facility SOFR+0.85% $ 54,000  Oct-29 (1)(2) Revolving Development Facility SOFR+1.35% $ 96,000  $ 96,000  Oct-29 (2)(3)
Senior Unsecured Notes M Square
2.25% due 2026 2.25% 400,000  Mar-26 5825 & 5850 University Research Court (5) 3.82% 36,079  $ 35,603  Jun-26
5.25% due 2028 5.25% 345,000  Sep-28 (4)
2.00% due 2029 2.00% 400,000  Jan-29 5801 University Research Court (2)(5) SOFR
+0.10%+1.45%		 10,160  $ 10,020  Aug-26
4.50% due 2030 4.50% 400,000  Oct-30
2.75% due 2031 2.75% 600,000  Apr-31 Total Secured Debt 4.77% $ 142,239 
2.90% due 2033 2.90% 400,000  Dec-33
Subtotal - Senior Unsecured Notes 3.19% 2,545,000 
Unsecured Bank Term Loan SOFR+1.05% 50,000  Jan-27 (2)(6)
Other Unsecured Debt 0.00% 61  May-26
Total Unsecured Debt 3.25% $ 2,649,061 
Debt Summary
Total Unsecured Debt 3.25% $ 2,649,061 
Total Secured Debt 4.77% 142,239 
Consolidated Debt 3.33% $ 2,791,300 
Debt per balance sheet $ 2,767,834 
Net discounts and deferred financing costs 23,466 
Consolidated Debt 2,791,300 
COPT Defense’s share of unconsolidated JV gross debt (7) 75,250 
Gross debt $ 2,866,550 
(1)The Revolving Credit Facility matures in October 2029 and may be extended by two six-month periods at our option.
(2)Pre-payable anytime without penalty.
(3)The Revolving Development Facility matures in October 2029 and may be extended by a 12-month period at our option.
(4)These notes are due in 2028 unless earlier exchanged, redeemed or repurchased only in the event of certain circumstances and during certain periods defined under the terms of the notes. Upon exchange of the notes, the principal amount of notes exchanged is payable in cash, with the remainder of the exchange obligation, if any, payable in cash, common shares or a combination thereof at our election.
(5)These properties are owned through consolidated JVs.
(6)The term loan matures in January 2027 and may be extended by a 12-month period at our option.
(7)See page 34 for additional disclosure regarding our unconsolidated real estate JVs.

30
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Summary of Outstanding Debt as of 12/31/25 (continued)

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(1)Includes $400.0 million in 2.25% Senior Notes due 2026, the repayment of which we pre-funded with net proceeds from our issuance on 10/2/25 of $400.0 million of 4.50% Senior Notes due 2030. Pending such repayment, we are using the net proceeds from this debt issuance for general corporate purposes, which is resulting in a portion of the net proceeds being invested in interest-bearing accounts.
(2)Term Loan balance of $50.0 million is included in 2028 assuming our exercise of a 12-month extension option. Also included is $345.0 million principal amount of exchangeable senior notes due in 2028 unless earlier exchanged, redeemed or repurchased only in the event of certain circumstances and during certain periods defined under the terms of the notes.
(3)Revolving Credit Facility balance of $54.0 million is included in 2030 assuming our exercise of two six-month extension options. Also included is our Revolving Development Facility balance of $96.0 million assuming our exercise of a 12-month extension option.
(4)Includes the effect of interest rate swaps with notional amounts totaling $210.2 million that hedge the risk of changes in interest rates on variable-rate debt.
31
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Debt Analysis
(dollars and square feet in thousands)
As of and for Three Months Ended
12/31/25
As of and for Three Months Ended
12/31/25
Senior Note Covenants (1) Required Line of Credit & Term Loan Covenants (1) Required
Total Debt / Total Assets < 60% 43.5% Total Debt / Total Assets < 60% 36.8%
Secured Debt / Total Assets < 40% 2.2% Secured Debt / Total Assets < 40% 2.7%
Debt Service Coverage > 1.5x 4.8x Adjusted EBITDA / Fixed Charges > 1.5x 4.4x
Unencumbered Assets / Unsecured Debt > 150% 224.4% Unsecured Debt / Unencumbered Assets < 60% 38.1%
Unencumbered Adjusted NOI / Unsecured Interest Expense > 1.75x 4.3x
Debt Ratios Page Refer. Unencumbered Portfolio Analysis
GAAP # of unencumbered properties 180 
Debt per balance sheet $ 2,767,834  % of total portfolio 87 %
Total assets $ 4,701,790  Unencumbered square feet in-service 20,720 
Debt to assets 58.9 % % of total portfolio 82 %
Net income $ 39,396  NOI from unencumbered real estate operations $ 105,182 
Debt to net income ratio (2) 17.6  x % of total NOI from real estate operations 92 %
Interest expense $ 24,324  Adjusted EBITDA from unencumbered real estate operations $ 99,452 
Net income to interest expense ratio (2) 1.6  x % of total adjusted EBITDA from real estate operations 92 %
Unencumbered adjusted book $ 5,875,019 
Non-GAAP % of total adjusted book 92 %
Net debt $ 2,589,666 
Adjusted book $ 6,388,593 
Net debt to adjusted book 40.5 %
Net debt adj. for fully-leased investment properties $ 2,581,440 
In-place adjusted EBITDA $ 110,319 
Net debt to in-place adjusted EBITDA ratio 5.9  x
Net debt adj. for fully-leased investment properties to in-place adj. EBITDA ratio 5.8  x
Denominator for debt service coverage $ 23,609 
Denominator for fixed charge coverage $ 25,323 
Adjusted EBITDA $ 108,223 
Adjusted EBITDA debt service coverage ratio 4.6  x
Adjusted EBITDA fixed charge coverage ratio 4.3  x
(1)The covenants are calculated as defined in the applicable agreements, and the calculations differ between those agreements.
(2)Refer to the section entitled “Definitions” for a definition of this measure.
32
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Consolidated Real Estate Joint Ventures as of 12/31/25
(dollars and square feet in thousands)

NOI from Real Estate Operations (1) Venture Level Debt Outstanding (3) COPT Defense Nominal
Ownership %
Operating Properties Operational
Square Feet		 % Occupied % Leased Three Months Ended Year Ended Total Assets (2)
Suburban MD            
M Square Associates, LLC (4 properties)
 414  98.0% 98.4% $ 2,066  $ 8,005  $ 91,743  $ 46,239  50%
Huntsville, AL
LW Redstone Company, LLC (24 properties)
 2,388  96.9% 98.5% 12,308  45,881  634,186  —  85% (4)
Washington, DC
Stevens Place (1 property)
 188  92.2% 93.7% 2,287  8,344  141,077  —  95%
Total / Average 2,990  96.7% 98.1% $ 16,661  $ 62,230  $ 867,006  $ 46,239 
 
        
Non-Operating Properties Estimated Developable Square Feet Total Assets (2) Venture Level Debt Outstanding COPT Defense Nominal Ownership %
Suburban MD        
M Square Research Park 348  $ 12,113  $ —  50%
Huntsville, AL        
Redstone Gateway (5) 3,355  124,613  —  85% (3)
Total 3,703  $ 136,726  $ —   
 
(1)Represents NOI from real estate operations of the JV operating properties before allocation to JV partners.
(2)Total assets includes the assets of the consolidated JV plus any outside investment basis.
(3)Excludes debt from us to the JV, which is eliminated in the presentation of our consolidated financial statements.
(4)Our partner receives an annual priority return of 13.5% on its $9.0 million in contributed equity, plus certain fees for leasing and development, and we expect to receive all other distributions from the JV.
(5)Total assets include $64.5 million in notes receivable due from the City of Huntsville (including accrued interest and excluding allowance for credit losses) in connection with infrastructure costs funded by the JV.
33
4Q 2025 Supplemental Information Package
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COPT Defense Properties
Unconsolidated Real Estate Joint Ventures as of 12/31/25 (1)
(dollars and square feet in thousands) 
Joint venture information
COPT Defense ownership %
 10 %
COPT Defense’s investment
 $ 13,525  (2)
# of Properties 24 
Square Feet 4,295 
% Occupied 100 %
COPT Defense’s share of ARR $ 8,286 
Balance sheet information Total COPT Defense’s Share (3)
Operating properties, net $ 917,357  $ 91,736 
Total assets $ 1,018,068  $ 101,807 
Debt (4) $ 746,853  $ 74,685 
Total liabilities $ 820,387  $ 82,039 
Three Months Ended Year Ended
Operating information Total COPT Defense’s Share (3) Total COPT Defense’s Share (3)
Revenue $ 25,025  $ 2,503  $ 94,268  $ 9,427 
Operating expenses (4,198) (420) (17,204) (1,721)
NOI from real estate operations and EBITDAre (5) 20,827  2,083  77,064  7,706 
Interest expense (10,735) (1,074) (36,588) (3,659)
Depreciation and amortization (7,908) (744) (31,352) (2,950)
Loss on early extinguishment of debt —  —  (282) (28)
Net income $ 2,184  $ 265  $ 8,842  $ 1,069 
NOI from real estate operations (per above) (5) $ 20,827  $ 2,083  $ 77,064  $ 7,706 
Straight line rent adjustments (2,207) (221) (3,651) (365)
Amortization of acquired above- and below-market rents (1,803) (180) (7,249) (725)
Cash NOI from real estate operations (5) $ 16,817  $ 1,682  $ 66,164  $ 6,616 
(1)Includes equity method investments in five JVs that own and operate data center shell properties.
(2)Includes $36.4 million reported in “Investment in unconsolidated real estate joint ventures” and $22.8 million for investments with deficit balances reported in “other liabilities” on our consolidated balance sheet. Investments with deficit balances are attributable to JV distributions of debt refinancing proceeds in excess of our equity in two JVs.
(3)Represents the portion allocable to our ownership interest.
(4)Maturities on JV debt range from 2029 to 2030 (assuming exercise of three one-year extension options).
(5)Refer to the section entitled “Definitions” for a definition of this measure.


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4Q 2025 Supplemental Information Package
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COPT Defense Properties
Supplementary Reconciliations of Non-GAAP Measures
(in thousands)
  Three Months Ended Years Ended
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24
Net income $ 39,396  $ 43,744  $ 40,166  $ 36,228  $ 36,467  $ 159,534  $ 143,942 
Construction contract and other service revenues (10,872) (8,485) (12,458) (10,259) (12,027) (42,074) (75,550)
Depreciation and other amortization associated with real estate operations 42,263  40,631  39,573  39,359  38,821  161,826  153,640 
Construction contract and other service expenses 10,432  7,952  11,873  9,705  11,519  39,962  73,265 
General and administrative expenses 7,943  8,483  8,202  8,148  8,429  32,776  33,555 
Leasing expenses 2,896  2,449  2,613  2,999  2,243  10,957  9,233 
Business development expenses and land carry costs 904  1,098  1,096  1,009  1,171  4,107  4,250 
Interest expense 24,324  20,894  20,938  20,504  20,391  86,660  82,151 
Interest and other income, net (5,301) (2,591) (1,223) (1,568) (2,331) (10,683) (12,661)
Gain on sales of real estate (32) (3,018) —  (300) —  (3,350) — 
Loss on early extinguishment of debt 66  —  —  —  —  66  — 
Equity in income of unconsolidated entities (265) (1,815) (355) (371) (217) (2,806) (397)
Unconsolidated real estate JVs NOI allocable to COPT Defense included in equity in income of unconsolidated entities (1) 2,083  1,864  1,870  1,889  1,898  7,706  7,217 
Income tax expense (benefit) 115  612  117  103  (24) 947  288 
NOI from real estate operations 113,952  111,818  112,412  107,446  106,340  445,628  418,933 
Straight line rent adjustments and lease incentive amortization 3,968  5,551  (1,379) (1,875) 3,437  6,265  12,299 
Amortization of acquired above- and below-market rents (384) 42  65  64  65  (213) 169 
Amortization of intangibles and other assets to property operating expenses —  —  —  98  146  98  586 
Lease termination fees, net (859) (1,190) (729) (834) (865) (3,612) (3,451)
Tenant funded landlord assets and lease incentives (8,569) (8,888) (5,223) (3,413) (6,260) (26,093) (28,432)
Cash NOI adjustments in unconsolidated real estate JVs (401) (209) (219) (261) (287) (1,090) (1,083)
Cash NOI from real estate operations $ 107,707  $ 107,124  $ 104,927  $ 101,225  $ 102,576  $ 420,983  $ 399,021 
NOI from real estate operations (from above) $ 113,952  $ 111,818  $ 112,412  $ 107,446  $ 106,340  $ 445,628  $ 418,933 
Non-Same Property NOI from real estate operations (6,795) (3,948) (3,747) (3,170) (2,521) (17,660) (5,866)
Same Property NOI from real estate operations 107,157  107,870  108,665  104,276  103,819  427,968  413,067 
Straight line rent adjustments and lease incentive amortization 3,701  3,315  (9) 154  5,065  7,161  8,662 
Amortization of acquired above- and below-market rents (504) (92) (69) (69) (69) (734) (276)
Lease termination fees, net (859) (1,191) (728) (834) (864) (3,612) (3,451)
Tenant funded landlord assets and lease incentives (4,798) (4,920) (4,929) (3,105) (6,035) (17,752) (21,100)
Cash NOI adjustments in unconsolidated real estate JVs (401) (209) (220) (260) (287) (1,090) (1,083)
Same Property Cash NOI from real estate operations $ 104,296  $ 104,773  $ 102,710  $ 100,162  $ 101,629  $ 411,941  $ 395,819 
(1)See page 34 for additional disclosure regarding our unconsolidated real estate JVs.
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4Q 2025 Supplemental Information Package
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COPT Defense Properties
Supplementary Reconciliations of Non-GAAP Measures (continued)
(in thousands)
  Three Months Ended Years Ended
  12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24
Real estate revenues
Lease revenue
Fixed contractual payments $ 139,318  $ 135,957  $ 136,334  $ 131,691  $ 130,543  $ 543,300  $ 513,461 
Variable lease payments (1) 45,684  42,315  39,264  43,617  39,222  170,880  157,905 
Lease revenue 185,002  178,272  175,598  175,308  169,765  714,180  671,366 
Other property revenue 1,483  2,038  1,859  2,289  1,641  7,669  6,351 
Real estate revenues $ 186,485  $ 180,310  $ 177,457  $ 177,597  $ 171,406  $ 721,849  $ 677,717 
Provision for credit losses (recoveries) on billed lease revenue $ 26  $ 108  $ (280) $ 903  $ 1,604  $ 757  $ 1,496 
Total revenues $ 197,357  $ 188,795  $ 189,915  $ 187,856  $ 183,433  $ 763,923  $ 753,267 
Construction contract and other service revenues (10,872) (8,485) (12,458) (10,259) (12,027) (42,074) (75,550)
Real estate revenues $ 186,485  $ 180,310  $ 177,457  $ 177,597  $ 171,406  $ 721,849  $ 677,717 
Total interest expense $ 24,324  $ 20,894  $ 20,938  $ 20,504  $ 20,391  $ 86,660  $ 82,151 
Less: Amortization of deferred financing costs (817) (657) (657) (667) (671) (2,798) (2,708)
Less: Amortization of net debt discounts, net of amounts capitalized (1,282) (1,070) (1,060) (1,051) (1,041) (4,463) (4,110)
COPT Defense’s share of interest expense of unconsolidated real estate JVs, excluding amortization of deferred financing costs and net debt premium and gain or loss on interest rate derivatives 968  898  759  752  872  3,377  3,305 
Denominator for interest coverage 23,193  20,065  19,980  19,538  19,551  82,776  78,638 
Scheduled principal amortization 416  458  457  461  455  1,792  2,334 
Denominator for debt service coverage 23,609  20,523  20,437  19,999  20,006  84,568  80,972 
Capitalized interest 1,714  1,292  1,126  927  928  5,059  2,872 
Denominator for fixed charge coverage $ 25,323  $ 21,815  $ 21,563  $ 20,926  $ 20,934  $ 89,627  $ 83,844 
Dividends on unrestricted common and deferred shares $ 34,414  $ 34,332  $ 34,324  $ 34,318  $ 33,167  $ 137,388  $ 132,628 
Distributions on unrestricted common units 573  658  666  661  491  2,558  1,987 
Dividends and distributions on restricted shares and units 205  209  218  236  248  868  1,000 
Total dividends and distributions for GAAP payout ratio 35,192  35,199  35,208  35,215  33,906  140,814  135,615 
Dividends and distributions on antidilutive shares and units (198) (202) (194) (237) (250) (774) (1,006)
Dividends and distributions for non-GAAP payout ratios $ 34,994  $ 34,997  $ 35,014  $ 34,978  $ 33,656  $ 140,040  $ 134,609 
(1)Represents primarily lease revenue associated with property operating expense reimbursements from tenants.
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4Q 2025 Supplemental Information Package
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COPT Defense Properties
Supplementary Reconciliations of Non-GAAP Measures (continued)
(in thousands)
12/31/25 9/30/25 6/30/25 3/31/25 12/31/24
Total assets $ 4,701,790  $ 4,351,432  $ 4,286,950  $ 4,250,311  $ 4,254,191 
Accumulated depreciation 1,682,367  1,644,472  1,608,032  1,572,422  1,537,293 
Accumulated amortization of intangibles on property acquisitions and deferred leasing costs 228,656  226,312  225,192  227,122  228,154 
COPT Defense’s share of liabilities of unconsolidated real estate JVs 82,039  82,430  61,026  61,190  61,294 
COPT Defense’s share of accumulated depreciation and amortization of unconsolidated real estate JVs 16,000  15,197  14,407  13,616  12,817 
Less: Property - operating lease liabilities (45,012) (46,203) (47,372) (48,216) (49,240)
Less: Property - finance lease liabilities (363) (370) (377) (384) (391)
Less: Cash and cash equivalents (274,986) (23,687) (21,288) (24,292) (38,284)
Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,898) (2,080) (1,944) (1,766) (2,053)
Adjusted book $ 6,388,593  $ 6,247,503  $ 6,124,626  $ 6,050,003  $ 6,003,781 
Gross debt (page 30)
$ 2,866,550  $ 2,537,891  $ 2,512,850  $ 2,488,306  $ 2,468,767 
Less: Cash and cash equivalents (274,986) (23,687) (21,288) (24,292) (38,284)
Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,898) (2,080) (1,944) (1,766) (2,053)
Net debt 2,589,666  2,512,124  2,489,618  2,462,248  2,428,430 
Costs incurred on fully-leased development properties (8,226) (83,794) (60,302) (27,499) (18,774)
Costs incurred on fully-leased operating property acquisitions —  —  —  —  (17,034)
Net debt adjusted for fully-leased investment properties $ 2,581,440  $ 2,428,330  $ 2,429,316  $ 2,434,749  $ 2,392,622 

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4Q 2025 Supplemental Information Package
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COPT Defense Properties
Definitions
Non-GAAP Measures

We believe that the measures defined below that are not determined in accordance with generally accepted accounting principles (“GAAP”) are helpful to investors in measuring our performance and comparing it to that of other real estate investment trusts (“REITs”).  Since these measures exclude certain items includable in their respective most comparable GAAP measures, reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP and non-GAAP measures.  These measures should not be used as an alternative to the respective most comparable GAAP measures when evaluating our financial performance or to cash flow from operating, investing and financing activities when evaluating our liquidity or ability to make cash distributions or pay debt service.
 
Adjusted book
Defined as total assets presented on our consolidated balance sheet, net of lease liabilities associated with property right-of-use assets, and excluding the effect of cash and cash equivalents, accumulated depreciation on real estate properties, accumulated amortization of intangible assets on real estate acquisitions, accumulated amortization of deferred leasing costs and unconsolidated real estate joint ventures (“JVs”) cash and cash equivalents, liabilities and accumulated depreciation and amortization (of intangibles on property acquisitions and deferred leasing costs) allocable to our ownership interest in the JVs. We use adjusted book for purposes of calculating our net debt to adjusted book, which we believe is a useful supplemental measure for investors to use in further understanding the relationship of our outstanding debt to our assets available to service such debt. We believe that total assets is the most directly comparable GAAP measure to this non-GAAP measure.

Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”)
Adjusted EBITDA is net income or loss adjusted for the effects of interest expense, depreciation and amortization, gain on sales and impairment losses of real estate and investments in unconsolidated real estate JVs, gain or loss on early extinguishment of debt, loss on interest rate derivatives, net gain or loss on other investments, credit loss expense or recoveries, operating property acquisition costs, income taxes, business development expenses, demolition costs on redevelopment and nonrecurring improvements, executive transition costs and certain other expenses that we believe are not relevant to an investor’s evaluation of our ability to repay debt.  Adjusted EBITDA also includes adjustments to net income or loss for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. While EBITDA (earnings before interest, taxes, depreciation and amortization) is a universally-defined supplemental measure, Adjusted EBITDA incorporates additional adjustments for gains and losses from investing and financing activities and certain other items that we believe represent costs that are not closely correlated to (or associated with) our operating performance and are not relevant to an investor’s evaluation of our ability to repay debt. We believe that adjusted EBITDA is a useful supplemental measure for assessing our un-
levered performance and ability to repay outstanding debt from operations.  We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.
 
Adjusted EBITDA debt service coverage ratio 
This measure divides Adjusted EBITDA by the sum of interest expense (excluding amortization of deferred financing costs and amortization of debt discounts and premiums, net of amounts capitalized, and gains or losses on interest rate derivatives) and scheduled principal amortization on mortgage loans.

Amortization of acquisition intangibles included in NOI
Represents the amortization of intangible asset and liability categories that is included in net operating income, including amortization of above- or below-market leases and above- or below-market cost arrangements.

Basic FFO available to common share and common unit holders (“Basic FFO”) 
This measure is FFO adjusted to subtract (1) preferred share dividends, (2) income or loss attributable to noncontrolling interests through ownership of preferred units in COPT Defense Properties, L.P. (the “Operating Partnership”) or interests in other consolidated entities not owned by us, (3) depreciation and amortization allocable to noncontrolling interests in other consolidated entities, (4) Basic FFO allocable to share-based compensation awards and (5) issuance costs associated with redeemed preferred shares.  With these adjustments, Basic FFO represents FFO available to common shareholders and holders of common units in the Operating Partnership (“common units”).  Common units are substantially similar to our common shares of beneficial interest (“common shares”) and are exchangeable into common shares, subject to certain conditions.  We believe that Basic FFO is useful to investors due to the close correlation of common units to common shares.  We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Cash net operating income (“Cash NOI”) 
Defined as NOI from real estate operations adjusted to eliminate the effects of: straight-line rental adjustments, amortization of tenant incentives, amortization of intangibles and other assets included in FFO and NOI, lease termination fees from tenants to terminate their lease obligations prior to the end of the agreed upon lease terms and rental revenue recognized under GAAP resulting from landlord assets and lease incentives funded by tenants.  Cash NOI also includes adjustments to NOI from real estate operations for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. Under GAAP, rental revenue is recognized evenly over the term of tenant leases (through straight-line rental adjustments and amortization of tenant incentives), which, given the long term nature of our leases, does not align with the economics of when tenant payments are due to us under the arrangements.  Also under GAAP, when a property is acquired, we allocate the acquisition to certain intangible components, which are then amortized into NOI over their estimated lives, even
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4Q 2025 Supplemental Information Package
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COPT Defense Properties
Definitions
though the resulting revenue adjustments are not reflective of our lease economics.  In addition, revenue from lease termination fees and tenant-funded landlord improvements, absent an adjustment from us, would result in large one-time lump sum amounts in Cash NOI that we do not believe are reflective of a property’s long-term value.  We believe that Cash NOI is a useful supplemental measure of operating performance for a REIT’s operating real estate because it makes adjustments to NOI for the above stated items to be more reflective of the economics of when tenant payments are due to us under our leases and the value of our properties.  As is the case with NOI, the measure is useful in our opinion in evaluating and comparing the performance of reportable segments, Same Property groupings and individual properties.  We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

COPT Defense’s share of NOI from unconsolidated real estate JVs
Represents the net of revenues and property operating expenses of real estate operations owned through unconsolidated JVs that are allocable to COPT Defense’s ownership interest. This measure is included in the computation of NOI, our segment performance measure, as discussed below.

Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”) 
Defined as Diluted FFO, as adjusted for comparability, adjusted for the following: (1) the elimination of the effect of (a) noncash rental revenues and property operating expenses (comprised of straight-line rental adjustments, which includes the amortization of recurring tenant incentives, and amortization of acquisition intangibles included in FFO and NOI, both of which are described under “Cash NOI” above), (b) share-based compensation, net of amounts capitalized, (c) amortization of deferred financing costs, (d) amortization of debt discounts and premiums and (e) amortization of settlements of debt hedges; and (2) replacement capital expenditures (defined below).  Diluted AFFO also includes adjustments to Diluted FFO, as adjusted for comparability for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that Diluted AFFO is a useful supplemental measure of operating performance for a REIT because it incorporates adjustments for: certain revenue and expenses that are not associated with cash to or from us during the period; and certain capital expenditures for operating properties incurred during the period that do require cash outlays.  We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Diluted FFO available to common share and common unit holders (“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.  The computation of Diluted FFO assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase Diluted FFO per share in a given period.  We believe that Diluted FFO (which includes discontinued operations, if any) is useful to investors because it is the numerator used to compute Diluted FFO per
share, discussed below.  We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Diluted FFO available to common share and common unit holders, as adjusted for comparability (“Diluted FFO, as adjusted for comparability”)
Defined as Diluted FFO or FFO adjusted to exclude: operating property acquisition costs (for acquisitions classified as business combinations); gain or loss on early extinguishment of debt; demolition costs on redevelopment and nonrecurring improvements; FFO associated with properties that secured non-recourse debt on which we defaulted and, subsequently, extinguished via conveyance of such properties (including property NOI, interest expense and gains on debt extinguishment); loss on interest rate derivatives; and executive transition costs associated with named executive officers.  Diluted FFO, as adjusted for comparability also includes adjustments to Diluted FFO for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe this to be a useful supplemental measure alongside Diluted FFO as it excludes gains and losses from certain investing and financing activities and certain other items that we believe are not closely correlated to (or associated with) our operating performance. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

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.  The computation of Diluted FFO per share assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase Diluted FFO per share in a given period.  We believe that Diluted FFO per share is useful to investors because it provides investors with a further context for evaluating our FFO results in the same manner that investors use earnings per share (“EPS”) in evaluating net income or loss available to common shareholders.  We believe that diluted EPS is the most directly comparable GAAP measure to this non-GAAP measure.

Diluted FFO per share, as adjusted for comparability 
Defined as (1) Diluted FFO available to common share and common unit holders, as adjusted for comparability 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.  The computation of this measure assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase the per share measure in a given period.  We believe this to be a
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4Q 2025 Supplemental Information Package
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COPT Defense Properties
Definitions
useful supplemental measure alongside Diluted FFO per share as it excludes gains and losses from investing and financing activities and certain other items that we believe are not closely correlated to (or associated with) our operating performance. We believe that diluted EPS is the most directly comparable GAAP measure to this non-GAAP measure.
 
Earnings before interest, income taxes, depreciation and amortization for real estate (“EBITDAre”)
Defined as net income or loss adjusted for the effects of interest expense, depreciation and amortization, gains on sales and impairment losses of real estate and investments in unconsolidated real estate JVs, and income taxes. EBITDAre also includes adjustments to net income or loss for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. While EBITDA (earnings before interest, taxes, depreciation and amortization) is a universally-defined supplemental measure, EBITDAre incorporates additional adjustments for gains and losses from investing activities related to our investments in operating properties. We believe that EBITDAre is a useful supplemental measure for assessing our un-levered performance. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Funds from operations (“FFO” or “FFO per Nareit”)
Defined as net income or loss computed using GAAP, excluding gains on sales and impairment losses of real estate and investments in unconsolidated real estate JVs (net of associated income tax) and real estate-related depreciation and amortization. FFO also includes adjustments to net income or loss for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that we use the National Association of Real Estate Investment Trust’s (“Nareit”) definition of FFO, although others may interpret the definition differently and, accordingly, our presentation of FFO may differ from those of other REITs.  We believe that FFO is useful to management and investors as a supplemental measure of operating performance because, by excluding gains on sales and impairment losses of real estate (net of associated income tax) and real estate-related depreciation and amortization, FFO can help one compare our operating performance between periods.  We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Gross debt
Defined as debt reported on our consolidated balance sheet adjusted to exclude net discounts and premiums and deferred financing costs, as further adjusted to include outstanding debt of unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that this measure is useful to investors as it represents our total outstanding debt, including our share of unconsolidated joint venture debt. We believe that debt reported on our consolidated balance sheet is the most directly comparable GAAP measure to this non-GAAP measure.

In-place adjusted EBITDA
Defined as Adjusted EBITDA, as further adjusted for: (1) certain events occurring in a three month period to reflect Adjusted EBITDA as if the events occurred at the beginning of such period, including: (a) properties acquired, placed in service or expanded upon subsequent to the commencement of a period made in order to reflect a full period of ownership/operations; (b) properties removed from service or in which we disposed of interests; (c) significant mid-period occupancy changes associated with properties recently placed in service or acquired as if such occupancy changes occurred at the beginning of such period; and (2) adjustments to deferred rental revenue associated with changes in our assessment of collectability. The measure also includes adjustments for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that the pro forma adjustments described above are consistent with the requirements for preparation of amounts presented on a pro forma basis in accordance with Article 11 of Regulation S-X. We believe that in-place adjusted EBITDA is a useful supplemental measure of performance for assessing our un-levered performance and ability to repay outstanding debt from operations, as further adjusted for changes in operating properties subsequent to the commencement of a quarter and for the other items noted above that we believe are not closely correlated with our operating performance and are not relevant to an investor’s evaluation of our ability to repay debt.  We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Net debt
Defined as Gross debt (total outstanding debt reported per our balance sheet as adjusted to exclude net discounts and premiums and deferred financing costs), as adjusted to subtract cash and cash equivalents as of the end of the period. The measure also includes adjustments to Gross debt for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We use net debt for purposes of calculating our net debt to adjusted book, which we believe is a useful supplemental measure for investors to use in further understanding the relationship of our outstanding debt to our assets available to service such debt. We believe that debt reported on our consolidated balance sheet is the most directly comparable GAAP measure to this non-GAAP measure.

Net debt adjusted for fully-leased investment properties
Defined as Net debt less costs incurred on properties under development and on operating property acquisitions that were 100% leased. We believe that this supplemental measure is useful in providing investors the impact to our debt of these fully leased properties that are not yet contributing to our adjusted EBITDA. We believe that debt reported on our consolidated balance sheet is the most directly comparable GAAP measure to this non-GAAP measure.

Net debt to Adjusted book
Defined as Net debt divided by Adjusted book (defined above).
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4Q 2025 Supplemental Information Package
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COPT Defense Properties
Definitions
Net debt to in-place adjusted EBITDA ratio and Net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio
Defined as Net debt or Net debt adjusted for fully-leased investment properties divided by in-place adjusted EBITDA (defined above) for the three month period that is annualized by multiplying by four.

Net operating income from real estate operations (“NOI”)
NOI, which is our segment performance measure, includes: consolidated real estate revenues; consolidated property operating expenses; and the net of revenues and property operating expenses of real estate operations owned through unconsolidated real estate JVs that are allocable to COPT Defense’s ownership interest in the JVs. We believe 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 that is unaffected by depreciation, amortization, financing and general, administrative and leasing expenses; we believe this measure is particularly useful in evaluating the performance of reportable segments, Same Property groupings and individual properties.  We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

NOI fixed charge coverage ratio and Adjusted EBITDA fixed charge coverage ratio 
These measures divide either NOI from real estate operations or Adjusted EBITDA by the sum of (1) interest expense (excluding amortization of deferred financing costs and amortization of debt discounts and premiums, net of amounts capitalized, and gains or losses on interest rate derivatives), (2) scheduled principal amortization on mortgage loans, (3) capitalized interest, (4) dividends on preferred shares and (5) distributions on preferred units in the Operating Partnership not owned by us.
 
NOI interest coverage ratio and Adjusted EBITDA interest coverage ratio 
These measures divide either NOI from real estate operations or Adjusted EBITDA by interest expense (excluding amortization of deferred financing costs and amortization of debt discounts and premiums, net of amounts capitalized, gains on losses on interest rate derivatives and interest expense on debt in default to be extinguished via conveyance of properties).

Payout ratios based on: Diluted FFO; Diluted FFO, as adjusted for comparability; and Diluted AFFO
These payout ratios are defined as (1) the sum of dividends on common and deferred shares and distributions to holders of interests in the Operating Partnership to the extent they are dilutive in the respective FFO per share numerators divided by (2) the respective non-GAAP measures.
Replacement capital expenditures 
Replacement capital expenditures are defined as tenant improvements and incentives, building improvements and leasing costs incurred during the period for 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), (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) or (5) replacements of significant components of a building after the building has reached the end of its original useful life. Replacement capital expenditures excludes expenditures of operating properties included in disposition plans during the period that were already sold or are held for future disposition. For cash tenant incentives not due to the tenant for a period exceeding three months past the date on which such incentives were incurred, we recognize such incentives as replacement capital expenditures in the periods such incentives are due to the tenant. Replacement capital expenditures, which is included in the computation of Diluted AFFO, is intended to represent non-transformative capital expenditures of existing properties held for long-term investment. We believe that the excluded expenditures are more closely associated with our investing activities than the performance of our operating portfolio.

Same Property NOI from real estate operations and Same Property cash NOI from real estate operations
Defined as NOI, or Cash NOI, from real estate operations of Same Property groupings.  We believe that these are important supplemental measures of Same Property operating performance for the same reasons discussed above for NOI from real estate operations and Cash NOI from real estate operations.
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4Q 2025 Supplemental Information Package
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COPT Defense Properties
Definitions
Other Definitions
Acquisition Costs — Transaction costs expensed in connection with executed or anticipated acquisitions of operating properties.
Annualized Rental Revenue (“ARR”) — The monthly contractual base rent as of the reporting date (ignoring free rent then in effect and rent associated with tenant funded landlord assets) multiplied by 12, plus the estimated annualized expense reimbursements under existing leases for occupied space. With regard to properties owned through unconsolidated real estate JVs, we include the portion of ARR allocable to COPT Defense’s ownership interest. We consider ARR to be a useful measure for analyzing revenue sources because, since it is point-in-time based, it does not contain increases and decreases in revenue associated with periods in which lease terms were not in effect; historical revenue under GAAP does contain such fluctuations. We find the measure particularly useful for leasing, tenant, segment and industry analysis. In instances in which we report ARR per occupied square foot, the measure excludes revenue from leases not associated with our buildings.
Average Escalations — Leasing statistic used to report average increase in rental rates over lease terms for leases with a term of greater than one-year.
Cash Rent — Includes monthly contractual base rent (ignoring rent abatements and rent associated with tenant funded landlord assets) multiplied by 12, plus estimated annualized expense reimbursements (average for first 12 months of term for new or renewed leases or as of lease expiration for expiring leases). We believe that cash rent is a useful measure for evaluating the rental rates at the time rent payments commence for our leasing activity, including changes in such rates relative to rates that may have been previously in place.
Committed Cost per Square Foot — Includes tenant improvement allowance (excluding tenant funded landlord assets), leasing commissions and estimated turn key costs and excludes lease incentives. We believe this is a useful measure for evaluating our costs associated with obtaining new leases.
Compound Annual Growth Rate — For renewed space, represents the compound annual growth rate between the first year cash rent of the expired lease and the first year cash rent of the renewal lease.
Debt to Net Income Ratio — Represents debt reported on our consolidated balance sheet divided by net income for the three month period that is annualized by multiplying by four. We do not present this ratio for periods with a net loss.
Defense/IT Portfolio — Represents properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions.
Development Properties — Properties under, or contractually committed for, development.
Equity Market Capitalization — Defined as the sum of: (1) the product of the closing price of our common shares on the NYSE and the sum of (a) common shares outstanding and (b) common units outstanding; and (2) the liquidation value of preferred shares and preferred units in our operating partnership.
First Generation Space — Newly-developed or redeveloped space that has never been occupied.
Investment Space Leased — Includes vacant space leased within two years of the shell completion date for development properties or acquisition date for operating property acquisitions.
Net Income to Interest Expense Ratio — Represents net income reported on our consolidated statements of operations divided by interest expense. We do not present this ratio for periods with a net loss.
Net Income Payout Ratio — Defined as (1) the sum of dividends on common and deferred shares and distributions to holders of interests in the Operating Partnership divided by (2) net income. We do not present this ratio for periods with a net loss.
Operational Space — The portion of a property in operations (excludes portion under development or redevelopment).
Redevelopment Properties — Properties previously in operations on which activities to substantially renovate such properties were underway or approved.
Same Property — Operating properties stably owned and 100% operational since at least 1/1/24.
Second Generation Space — Space leased that has been previously occupied.
Straight-line Rent — Includes annual minimum base rents, net of abatements and lease incentives and excluding rent associated with tenant funded landlord assets, on a straight-line basis over the term of the lease, and estimated annual expense reimbursements (as of lease commencement for new or renewed leases or as of lease expiration for expiring leases). We believe that straight-line rent is a useful measures for evaluating the rental rates over the related lease terms for our leasing activity, including changes in such rates relative to rates that may have been previously in place.
Total Market Capitalization — Defined as the sum of: (1) consolidated outstanding debt, excluding discounts, premiums and deferred financing costs; (2) the product of the closing price of our common shares on the NYSE and the sum of (a) common shares outstanding and (b) common units outstanding; and (3) the liquidation value of preferred shares and preferred units in our operating partnership.
Total Portfolio — Operating properties, including ones owned through unconsolidated real estate JVs.
Vacancy Leasing Activity Ratio — Square footage associated with prospective tenants for vacant square feet in service divided by total vacant square feet in service.
Vacant Space Leased — Includes leasing of vacated second-generation space and vacant space leased in development properties and operating property acquisitions after two years from such properties’ shell completion or acquisition date.
42
4Q 2025 Supplemental Information Package
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NEWS RELEASE
IR Contacts:
Venkat Kommineni, CFA Michelle Layne
443.285.5587 443.285.5452
venkat.kommineni@copt.com michelle.layne@copt.com



COPT Defense Reports Strong Full Year 2025 Results
_______________________________________________________________

EPS of $1.34 for Full Year
FFO per Share, as Adjusted for Comparability, of $2.72
Increased 5.8% Over 2024 Results
7th Consecutive Year of FFO per Share Growth

For the year, Same Property Cash NOI Increased 4.1%

Solid Occupancy and Leased Levels
Total Portfolio 94.0% Occupied and 95.3% Leased
Defense/IT Portfolio 95.5% Occupied and 96.5% Leased
_______________________________________________________________

Excellent Leasing Performance in 2025
Total Leasing of 3.1 million SF

Vacancy Leasing of 557,000 SF
Exceeded Initial Annual Target by Nearly 40%

Tenant Retention of 78%

Investment Leasing of 477,000 SF
_____________________________________________________________

Exceeded Capital Deployment Guidance in 2025
Committed $278 million of Capital to 5 New Investments that are 81% Pre-Leased
_______________________________________________________________

COLUMBIA, MD (BUSINESS WIRE) February 5, 2026 - COPT Defense Properties (“COPT Defense” or the “Company”) (NYSE: CDP) announced results for the fourth quarter and full year ended December 31, 2025.


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Management Comments

Stephen E. Budorick, COPT Defense’s President & Chief Executive Officer, commented, “We achieved excellent results in 2025, evidenced by our outperformance in FFO, leasing and capital commitments to new investments, along with our success in closing on three financings, which pre-fund our 2026 bond maturity and provide $400 million of additional liquidity to fund our external growth. We generated FFO per share growth, which represented a 5.8% increase over 2024’s results.

We executed 557,000 square feet of vacancy leasing, which was nearly 40% higher than our initial target. Our leasing success resulted in a 40 basis point year-over-year increase in our Total Portfolio occupancy to 94.0% and a 20 basis point increase in our Total Portfolio leased rate to 95.3%.

We committed $278 million to 5 new investments during 2025, that are 81% pre-leased on a weighted average basis, which speaks to our ability to capitalize on opportunities that drive exceptional risk-adjusted returns and fit within our broader strategy of allocating capital to locations that support priority national defense missions. Importantly, 4 of these 5 capital commitments represent an existing tenant expanding in our portfolio.

We have generated FFO per share growth in each of the past 7 years, which amounts to a compound annual growth rate of 5.0% between 2019 and 2025. Looking forward, our guidance implies continued growth in 2026, with FFO per share growth of 1.1% at the midpoint, which is in-line with our historical performance after adjusting for an increase in financing costs.”

Financial Highlights

4th Quarter Financial Results:
•Diluted earnings per share (“EPS”) was $0.33 for the quarter ended December 31, 2025, compared to $0.31 for the quarter ended December 31, 2024.

•Diluted funds from operations per share (“FFOPS”), as calculated in accordance with Nareit’s definition and as adjusted for comparability, was $0.70 for the quarter ended December 31, 2025, compared to FFOPS per Nareit of $0.64 and FFOPS, as adjusted for comparability of $0.65 for the quarter ended December 31, 2024.

Full Year 2025 Financial Results:
•EPS for the year ended December 31, 2025 was $1.34 as compared to $1.23 for 2024.

•Per Nareit’s definition and as adjusted for comparability, FFOPS for 2025 was $2.72 as compared to $2.57 for 2024.

Operating Performance Highlights

Operating Portfolio Summary:
•At December 31, 2025, the Company’s 25.1 million square foot total portfolio was 94.0% occupied and 95.3% leased, which includes the 23.2 million square foot Defense/IT Portfolio that was 95.5% occupied and 96.5% leased.

•During the quarter and year ended December 31, 2025, the Company placed into service 418,000 and 468,000 square feet, respectively, of developments that were 100% leased.



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Same Property Performance:
•At December 31, 2025, the Company’s 23.9 million square foot Same Property portfolio was 94.2% occupied and 95.3% leased.

•The Company’s Same Property cash NOI increased 2.6% and 4.1% in the quarter and year ended December 31, 2025, respectively, compared to the same periods in 2024.

Leasing:
•Total Square Feet Leased: For the quarter ended December 31, 2025, the Company leased 735,000 square feet, including 336,000 square feet of renewals, 125,000 square feet of vacancy leasing, and 274,000 square feet of investment leasing. For the year ended December 31, 2025, the Company executed 3.1 million square feet of total leasing, including 2.0 million square feet of renewals, 557,000 square feet of vacancy leasing, and 477,000 square feet of investment leasing.

•Tenant Retention Rates: During the quarter ended December 31, 2025, the Company renewed 62.5% of expiring square feet in its total portfolio. During the year ended December 31, 2025, the Company renewed 77.9% of expiring square feet in its total portfolio.

•Rent Spreads and Average Escalations on Renewing Leases: For the quarter and year ended December 31, 2025, straight-line rents on renewals increased 3.4% and 9.6%, respectively, and cash rents on renewed space decreased 5.2% and increased 1.1%, respectively, while annual escalations on renewing leases averaged 2.5% and 2.0%, respectively.

•Lease Terms: In the quarter ended December 31, 2025, lease terms averaged 6.1 years on renewing leases, 6.9 years on vacancy leasing, and 14.5 years on investment leasing. For the year ended December 31, 2025, lease terms averaged 5.3 years on renewing leases, 7.6 years on vacancy leasing, and 13.1 years on investment leasing.

Investment Activity Highlights
•Development Pipeline: The Company’s development pipeline consists of six properties totaling 882,000 square feet that were 86% leased as of February 4, 2026. These projects represent a total estimated investment of $448 million, of which $110 million was spent as of December 31, 2025.

•Acquisition: On October 30, 2025, the Company acquired Stonegate I at 15050 Conference Center Drive in Chantilly, Virginia, a 142,000 square foot Class A office building for a gross purchase price of $40 million. The building is fully leased to a top 20 U.S. Government defense contractor.
•Please see the Company’s acquisition press release dated October 30, 2025.

Balance Sheet and Capital Transaction Highlights
•On October 2, 2025, the Company issued $400 million of 4.50% Senior Notes due 2030. The Company intends to use the net proceeds to repay the 2.25% Senior Notes at maturity in March 2026. Until March, the proceeds are being used for general corporate purposes, including paying down amounts under its Revolving Credit Facility and investment in interest-bearing accounts.

•On October 6, 2025, the Company entered into an amendment to the credit agreement underlying its Revolving Credit Facility (the “Revolver”) and Unsecured Bank Term Loan (the “Term Loan”). This amendment: increased the aggregate lender commitment under the Revolver from $600 million to $800 million; extended the maturity date of the Revolver from October 2026 to October 2029, which may be extended by two six-month periods at the Company’s option; reduced the initial interest rate on the Revolver to SOFR + 0.85% and on the Term Loan to SOFR + 1.05%; and eliminated the 0.10% SOFR transition charge.


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•On October 16, 2025, the Company entered into a secured revolving credit agreement with a lender for an aggregate of $200 million of available borrowings, which the Company intends to use to fund property development activities.

•For the quarter ended December 31, 2025, the Company’s adjusted EBITDA fixed charge coverage ratio was 4.3x.

•At December 31, 2025, the Company’s net debt to in-place adjusted EBITDA ratio was 5.9x and its net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio was 5.8x.

•At December 31, 2025, and including the effect of interest rate swaps, the Company’s weighted average effective interest rate on its consolidated debt portfolio was 3.5% with a weighted average maturity of 4.1 years (assuming exercise of available extension options), and 100% of the Company’s debt was subject to fixed interest rates.

Associated Supplemental Presentation
Prior to the call, the Company will post a slide presentation to accompany management’s prepared remarks for its fourth quarter and full year 2025 conference call; the presentation can be viewed and downloaded from the ‘Financial Info – Financial Results’ section of COPT Defense’s Investors website:
https://investors.copt.com/financial-information/financial-results

2026 Guidance
The Company details its initial full year and first quarter guidance, with supporting assumptions, in a separate press release issued concurrently with this press release; that release can be found in the ‘News & Events – Press Releases’ section of COPT Defense’s Investors website: https://investors.copt.com/news-events/press-releases

Conference Call Information
Management will discuss fourth quarter and full year 2025 results on its conference call tomorrow, details of which are listed below:

Conference Call Date: Friday, February 6, 2026
Time: 12:00 p.m. Eastern Time

Participants must register for the conference call at the link below to receive the dial-in number and personal pin. Registering only takes a few moments and provides direct access to the conference call without waiting for an operator. You may register at any time, including up to and after the call start time:
https://register-conf.media-server.com/register/BI9dcc3f52190b419eb2751ac67965679e

The conference call will also be available via live webcast in the ‘News & Events – IR Calendar’ section of COPT Defense’s Investors website: https://investors.copt.com/news-events/ir-calendar

Replay Information
A replay of the conference call will be immediately available via webcast only on COPT Defense’s Investors website and will be maintained on the website for approximately 90 days after the conference call.



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Definitions
For definitions of certain terms used in this press release, please refer to the information furnished in the Company’s Supplemental Information Package furnished on a Form 8-K which can be found on its website (www.copt.com). Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in the attached tables.

About COPT Defense
COPT Defense, an S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions (referred to as its Defense/IT Portfolio). The Company’s tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. As of December 31, 2025, the Company’s Defense/IT Portfolio of 201 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.2 million square feet and was 96.5% leased.

Forward-Looking Information
This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements and the Company undertakes no obligation to update or supplement any forward-looking statements.

The areas of risk that may affect these expectations, estimates and projections include, but are not limited to, those risks described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.


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COPT Defense Properties
Summary Financial Data
(unaudited)
(dollars and shares in thousands, except per share data)
  For the Three Months Ended December 31, For the Years Ended December 31,
  2025 2024 2025 2024
Revenues    
Lease revenue $ 185,002  $ 169,765  $ 714,180  $ 671,366 
Other property revenue 1,483  1,641  7,669  6,351 
Construction contract and other service revenues 10,872  12,027  42,074  75,550 
Total revenues 197,357  183,433  763,923  753,267 
Operating expenses    
Property operating expenses 74,616  66,964  283,927  266,001 
Depreciation and amortization associated with real estate operations 42,263  38,821  161,826  153,640 
Construction contract and other service expenses 10,432  11,519  39,962  73,265 
General and administrative expenses 7,943  8,429  32,776  33,555 
Leasing expenses 2,896  2,243  10,957  9,233 
Business development expenses and land carry costs 904  1,171  4,107  4,250 
Total operating expenses 139,054  129,147  533,555  539,944 
Interest expense (24,324) (20,391) (86,660) (82,151)
Interest and other income, net 5,301  2,331  10,683  12,661 
Gain on sales of real estate 32  —  3,350  — 
Loss on early extinguishment of debt (66) —  (66) — 
Income before equity in income of unconsolidated entities and income taxes 39,246  36,226  157,675  143,833 
Equity in income of unconsolidated entities 265  217  2,806  397 
Income tax (expense) benefit (115) 24  (947) (288)
Net income 39,396  36,467  159,534  143,942 
Net income attributable to noncontrolling interests    
Common units in the Operating Partnership (“OP”) (743) (681) (3,239) (2,694)
Other consolidated entities (1,152) (665) (3,980) (2,319)
Net income attributable to common shareholders $ 37,501  $ 35,121  $ 152,315  $ 138,929 
Earnings per share (“EPS”) computation    
Numerator for diluted EPS    
Net income attributable to common shareholders $ 37,501  $ 35,121  $ 152,315  $ 138,929 
Amount allocable to share-based compensation awards (113) (103) (435) (421)
Numerator for diluted EPS $ 37,388  $ 35,018  $ 151,880  $ 138,508 
Denominator    
Weighted average common shares - basic 112,733  112,347  112,516  112,296 
Dilutive effect of share-based compensation awards 850  711  788  603 
Dilutive exchangeable debt —  664  —  — 
Weighted average common shares - diluted 113,583  113,722  113,304  112,899 
Diluted EPS $ 0.33  $ 0.31  $ 1.34  $ 1.23 
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COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands, except per share data)
  For the Three Months Ended December 31, For the Years Ended December 31,
  2025 2024 2025 2024
Net income $ 39,396  $ 36,467  $ 159,534  $ 143,942 
Real estate-related depreciation and amortization 42,263  38,821  161,826  153,640 
Gain on sales of real estate (32) —  (3,350) — 
Depreciation and amortization on unconsolidated real estate JVs 744  745  2,950  3,056 
Funds from operations (“FFO”) 82,371  76,033  320,960  300,638 
FFO allocable to other noncontrolling interests (1,524) (1,050) (5,566) (3,855)
Basic FFO allocable to share-based compensation awards (543) (614) (2,171) (2,417)
Basic FFO available to common share and common unit holders (“Basic FFO”) 80,304  74,369  313,223  294,366 
Redeemable noncontrolling interest —  —  —  1,963 
Diluted FFO adjustments allocable to share-based compensation awards 54  47  387  188 
Diluted FFO available to common share and common unit holders (“Diluted FFO”) 80,358  74,416  313,610  296,517 
Loss on early extinguishment of debt 66  —  66  — 
Loss on early extinguishment of debt on unconsolidated real estate JVs —  —  28  — 
Executive transition costs —  58  —  285 
Diluted FFO comparability adjustments allocable to share-based compensation awards —  (1) —  (2)
Diluted FFO available to common share and common unit holders, as adjusted for comparability 80,424  74,473  313,704  296,800 
Straight line rent adjustments and lease incentive amortization 3,634  2,950  5,152  10,824 
Amortization of intangibles and other assets included in net operating income (“NOI”) (384) 211  (116) 755 
Share-based compensation, net of amounts capitalized 2,954  2,617  11,693  10,443 
Amortization of deferred financing costs 817  671  2,798  2,708 
Amortization of net debt discounts, net of amounts capitalized 1,282  1,041  4,463  4,110 
Replacement capital expenditures (31,290) (34,134) (103,655) (103,984)
Other (228) 73  280  566 
Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”) $ 57,209  $ 47,902  $ 234,319  $ 222,222 
Diluted FFO per share $ 0.70  $ 0.64  $ 2.72  $ 2.57 
Diluted FFO per share, as adjusted for comparability $ 0.70  $ 0.65  $ 2.72  $ 2.57 
Dividends/distributions per common share/unit $ 0.305  $ 0.295  $ 1.22  $ 1.18 

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COPT Defense Properties
Summary Financial Data
(unaudited)
(dollars and shares in thousands, except per share data)
December 31,
2025		 December 31,
2024
Balance sheet data    
Properties, net of accumulated depreciation $ 3,783,477  $ 3,630,526 
Total assets $ 4,701,790  $ 4,254,191 
Debt per balance sheet $ 2,767,834  $ 2,391,755 
Total liabilities $ 3,114,115  $ 2,693,624 
Redeemable noncontrolling interest $ 25,506  $ 23,974 
Total equity $ 1,562,169  $ 1,536,593 
Debt to assets 58.9 % 56.2 %
Net debt to adjusted book 40.5 % 40.4 %
Defense/IT Portfolio data (as of period end)    
Number of operating properties 201  197 
Total operational square feet (in thousands) 23,159  22,549 
% Occupied 95.5 % 95.4 %
% Leased 96.5 % 96.7 %
For the Three Months Ended December 31, For the Years Ended December 31,
2025 2024 2025 2024
GAAP        
Payout ratio
Net income 89.3 % 93.0 % 88.3 % 94.2 %
Debt ratios
Net income to interest expense ratio 1.6  x  1.8  x  1.8  x  1.8  x 
Debt to net income ratio 17.6  x  16.4  x  N/A N/A
Non-GAAP
Payout ratios
Diluted FFO 43.5 % 45.2 % 44.7 % 45.4 %
Diluted FFO, as adjusted for comparability 43.5 % 45.2 % 44.6 % 45.4 %
Diluted AFFO 61.2 % 70.3 % 59.8 % 60.6 %
Debt ratios
Adjusted EBITDA fixed charge coverage ratio 4.3  x  4.7  x  4.6  x  4.7  x 
Net debt to in-place adjusted EBITDA ratio 5.9  x  6.0  x  N/A N/A
Net debt adj. for fully-leased investment properties to in-place adj. EBITDA ratio 5.8  x  5.9  x  N/A N/A
Reconciliation of denominators for per share measures  
Denominator for diluted EPS 113,583  113,722  113,304  112,899 
Weighted average common units 1,926  1,664  2,083  1,672 
Redeemable noncontrolling interest —  —  —  842 
Denominator for diluted FFO per share and as adjusted for comparability 115,509  115,386  115,387  115,413 




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COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months Ended December 31, For the Years Ended December 31,
  2025 2024 2025 2024
Numerators for payout ratios
Dividends on unrestricted common and deferred shares $ 34,414  $ 33,167  $ 137,388  $ 132,628 
Distributions on unrestricted common units 573  491  2,558  1,987 
Dividends and distributions on restricted shares and units 205  248  868  1,000 
Total dividends and distributions for GAAP payout ratio 35,192  33,906  140,814  135,615 
Dividends and distributions on antidilutive shares and units (198) (250) (774) (1,006)
Dividends and distributions for non-GAAP payout ratios $ 34,994  $ 33,656  $ 140,040  $ 134,609 
Reconciliation of net income to earnings before interest, income taxes, depreciation and amortization for real estate (“EBITDAre”), adjusted EBITDA and in-place adjusted EBITDA        
Net income $ 39,396  $ 36,467  $ 159,534  $ 143,942 
Interest expense 24,324  20,391  86,660  82,151 
Income tax expense (benefit) 115  (24) 947  288 
Real estate-related depreciation and amortization 42,263  38,821  161,826  153,640 
Other depreciation and amortization 435  589  1,873  2,375 
Gain on sales of real estate (32) —  (3,350) — 
Adjustments from unconsolidated real estate JVs 1,818  1,681  6,609  6,820 
EBITDAre 108,319  97,925  414,099  389,216 
Credit loss (recoveries) expense (644) (113) 734  383 
Business development expenses 508  758  2,573  2,548 
Executive transition costs —  58  78  638 
Loss on early extinguishment of debt 66  —  66  — 
Loss on early extinguishment of debt on unconsolidated real estate JVs —  —  28  — 
Net gain on other investments (26) —  (1,739) (488)
Adjusted EBITDA 108,223  98,628  $ 415,839  $ 392,297 
Pro forma NOI adjustment for property changes within period 1,969  528 
Change in collectability of deferred rental revenue 127  1,646 
In-place adjusted EBITDA $ 110,319  $ 100,802 
Reconciliations of tenant improvements and incentives, building improvements and leasing costs for operating properties to replacement capital expenditures
Tenant improvements and incentives $ 25,671  $ 22,912  $ 79,491  $ 69,505 
Building improvements 8,888  10,942  20,063  28,294 
Leasing costs 5,008  2,629  15,638  12,342 
Net exclusions from tenant improvements and incentives (6,335) (7) (6,428) (3)
Excluded building improvements (1,942) (2,342) (4,145) (6,113)
Excluded leasing costs —  —  (964) (41)
Replacement capital expenditures $ 31,290  $ 34,134  $ 103,655  $ 103,984 
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COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months Ended December 31, For the Years Ended December 31,
  2025 2024 2025 2024
Reconciliation of interest expense to the denominator for fixed charge coverage-Adjusted EBITDA        
Interest expense $ 24,324  $ 20,391  $ 86,660  $ 82,151 
Less: Amortization of deferred financing costs (817) (671) (2,798) (2,708)
Less: Amortization of net debt discounts, net of amounts capitalized (1,282) (1,041) (4,463) (4,110)
COPT Defense’s share of interest expense of unconsolidated real estate JVs, excluding amortization of deferred financing costs and net debt premium and gain or loss on interest rate derivatives 968  872  3,377  3,305 
Scheduled principal amortization 416  455  1,792  2,334 
Capitalized interest 1,714  928  5,059  2,872 
Denominator for fixed charge coverage-Adjusted EBITDA $ 25,323  $ 20,934  $ 89,627  $ 83,844 
Reconciliation of net income to NOI from real estate operations, same property NOI from real estate operations and same property cash NOI from real estate operations
Net income $ 39,396  $ 36,467  $ 159,534  $ 143,942 
Construction contract and other service revenues (10,872) (12,027) (42,074) (75,550)
Depreciation and other amortization associated with real estate operations 42,263  38,821  161,826  153,640 
Construction contract and other service expenses 10,432  11,519  39,962  73,265 
General and administrative expenses 7,943  8,429  32,776  33,555 
Leasing expenses 2,896  2,243  10,957  9,233 
Business development expenses and land carry costs 904  1,171  4,107  4,250 
Interest expense 24,324  20,391  86,660  82,151 
Interest and other income, net (5,301) (2,331) (10,683) (12,661)
Gain on sales of real estate (32) —  (3,350) — 
Loss on early extinguishment of debt 66  —  66  — 
Equity in income of unconsolidated entities (265) (217) (2,806) (397)
Unconsolidated real estate JVs NOI allocable to COPT Defense included in equity in income of unconsolidated entities 2,083  1,898  7,706  7,217 
Income tax expense (benefit) 115  (24) 947  288 
NOI from real estate operations 113,952  106,340  445,628  418,933 
Non-Same Property NOI from real estate operations (6,795) (2,521) (17,660) (5,866)
Same Property NOI from real estate operations 107,157  103,819  427,968  413,067 
Straight line rent adjustments and lease incentive amortization 3,701  5,065  7,161  8,662 
Amortization of acquired above- and below-market rents (504) (69) (734) (276)
Lease termination fees, net (859) (864) (3,612) (3,451)
Tenant funded landlord assets and lease incentives (4,798) (6,035) (17,752) (21,100)
Cash NOI adjustments in unconsolidated real estate JVs (401) (287) (1,090) (1,083)
Same Property Cash NOI from real estate operations $ 104,296  $ 101,629  $ 411,941  $ 395,819 
x


COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
December 31,
2025		 December 31,
2024
Reconciliation of total assets to adjusted book    
Total assets $ 4,701,790  $ 4,254,191 
Accumulated depreciation 1,682,367  1,537,293 
Accumulated amortization of intangibles on property acquisitions and deferred leasing costs 228,656  228,154 
COPT Defense’s share of liabilities of unconsolidated real estate JVs 82,039  61,294 
COPT Defense’s share of accumulated depreciation and amortization of unconsolidated real estate JVs 16,000  12,817 
Less: Property - operating lease liabilities (45,012) (49,240)
Less: Property - finance lease liabilities (363) (391)
Less: Cash and cash equivalents (274,986) (38,284)
Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,898) (2,053)
Adjusted book $ 6,388,593  $ 6,003,781 

December 31,
2025		 December 31,
2024
Reconciliation of debt to net debt and net debt adjusted for fully-leased investment properties
Debt per balance sheet $ 2,767,834  $ 2,391,755 
Net discounts and deferred financing costs 23,466  23,262 
COPT Defense’s share of unconsolidated JV gross debt 75,250  53,750 
Gross debt 2,866,550  2,468,767 
Less: Cash and cash equivalents (274,986) (38,284)
Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,898) (2,053)
Net debt 2,589,666  2,428,430 
Costs incurred on fully-leased development properties (8,226) (18,774)
Costs incurred on fully-leased operating property acquisitions —  (17,034)
Net debt adjusted for fully-leased investment properties $ 2,581,440  $ 2,392,622 
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