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0000860546false00008605462026-04-272026-04-27

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): April 27, 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 April 27, 2026, COPT Defense Properties (the “Company”) issued a press release relating to its financial results for the period ended March 31, 2026 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: April 27, 2026



EX-99.1 2 cdp03312026ex991.htm EX-99.1 Document
Exhibit 99.1

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COPT Defense Properties
Supplemental Information + Earnings Release - Unaudited
For the Period Ended 3/31/26
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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 March 31, 2026, our Defense/IT Portfolio of 201 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.2 million square feet and was 96.4% 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, Senior Manager
443.285.5452 | michelle.layne@copt.com


CORPORATE CREDIT RATING
Fitch: BBB- Stable | Moody’s: Baa2 Stable | 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, 2025.
1
1Q 2026 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
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Selected Financial Summary Data
(in thousands, except per share data)
  Page Three Months Ended
SUMMARY OF RESULTS  Refer. 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Net income $ 40,139  $ 39,396  $ 43,744  $ 40,166  $ 36,228 
NOI from real estate operations $ 115,217  $ 113,952  $ 111,818  $ 112,412  $ 107,446 
Same Property NOI $ 110,381  $ 110,957  $ 111,277  $ 111,907  $ 107,046 
Same Property cash NOI $ 106,253  $ 106,666  $ 106,864  $ 104,519  $ 100,792 
Adjusted EBITDA $ 107,832  $ 108,223  $ 103,771  $ 104,726  $ 99,119 
FFO per NAREIT $ 81,838  $ 82,371  $ 82,090  $ 80,471  $ 76,028 
Diluted AFFO avail. to common share and unit holders $ 65,084  $ 57,209  $ 63,274  $ 57,660  $ 56,045 
Dividend per common share N/A $ 0.32  $ 0.305  $ 0.305  $ 0.305  $ 0.305 
Per share - diluted          
EPS $ 0.34  $ 0.33  $ 0.37  $ 0.34  $ 0.31 
FFO - Nareit $ 0.69  $ 0.70  $ 0.69  $ 0.68  $ 0.65 
FFO - as adjusted for comparability $ 0.69  $ 0.70  $ 0.69  $ 0.68  $ 0.65 
Numerators for diluted per share amounts
Diluted EPS $ 38,395  $ 37,388  $ 41,594  $ 38,235  $ 34,597 
Diluted FFO available to common share and unit holders $ 80,168  $ 80,358  $ 80,093  $ 78,635  $ 74,393 
Diluted FFO available to common share and unit holders, as adjusted for comparability $ 80,168  $ 80,424  $ 80,121  $ 78,635  $ 74,393 

3
1Q 2026 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
PAYOUT RATIOS AND CAPITALIZATION Refer. 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
GAAP
Payout ratio
Net income N/A 92.5% 89.3% 80.5% 87.7% 97.2%
Capitalization and debt ratios
Total assets $ 4,458,909  $ 4,701,790  $ 4,351,432  $ 4,286,950  $ 4,250,311 
Total equity $ 1,566,641  $ 1,562,169  $ 1,555,039  $ 1,545,741  $ 1,538,291 
Debt per balance sheet $ 2,546,958  $ 2,767,834  $ 2,443,518  $ 2,438,591  $ 2,412,670 
Debt to assets 57.1% 58.9% 56.2% 56.9% 56.8%
Net income to interest expense ratio 1.7x 1.6x 2.1x 1.9x 1.8x
Debt to net income ratio 15.9x 17.6x 14.0x 15.2x 16.6x
Non-GAAP
Payout ratios          
Diluted FFO N/A 46.0% 43.5% 43.7% 44.5% 47.0%
Diluted FFO - as adjusted for comparability N/A 46.0% 43.5% 43.7% 44.5% 47.0%
Diluted AFFO N/A 56.6% 61.2% 55.3% 60.7% 62.4%
Capitalization and debt ratios        
Total Market Capitalization $ 6,112,751  $ 5,997,335  $ 5,814,654  $ 5,640,563  $ 5,578,378 
Total Equity Market Capitalization $ 3,543,847  $ 3,206,035  $ 3,352,013  $ 3,181,463  $ 3,143,822 
Net debt $ 2,614,344  $ 2,589,666  $ 2,512,124  $ 2,489,618  $ 2,462,248 
Net debt to adjusted book 40.6% 40.5% 40.2% 40.6% 40.7%
Adjusted EBITDA fixed charge coverage ratio 4.3x 4.3x 4.8x 4.9x 4.7x
Net debt to in-place adjusted EBITDA ratio 6.1x 5.9x 6.1x 5.9x 6.1x
Net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio 5.9x 5.8x 5.8x 5.8x 6.0x

4
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Selected Portfolio Data (1)
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
# of Properties
Total Portfolio 207 207 204 204 204
Consolidated Portfolio 183 183 180 180 180
Defense/IT Portfolio 201 201 198 198 198
Same Property 203 203 203 203 203
% Occupied
Total Portfolio 94.4 % 94.0 % 93.9 % 94.0 % 93.6 %
Consolidated Portfolio 93.2 % 92.8 % 92.6 % 92.8 % 92.3 %
Defense/IT Portfolio 95.6 % 95.5 % 95.4 % 95.6 % 95.3 %
Same Property 94.2 % 93.9 % 93.9 % 94.0 % 93.6 %
% Leased
Total Portfolio 95.2 % 95.3 % 95.7 % 95.6 % 95.1 %
Consolidated Portfolio 94.3 % 94.3 % 94.8 % 94.6 % 94.0 %
Defense/IT Portfolio 96.4 % 96.5 % 97.0 % 96.8 % 96.6 %
Same Property 95.1 % 95.4 % 95.7 % 95.5 % 95.1 %
Square Feet (in thousands)
Total Portfolio 25,155 25,147 24,585 24,571 24,548
Consolidated Portfolio 20,859 20,851 20,290 20,276 20,253
Defense/IT Portfolio 23,167 23,159 22,597 22,583 22,560
Same Property 24,557 24,557 24,557 24,557 24,557
(1)Except for the Consolidated Portfolio, includes properties owned through unconsolidated real estate JVs (see page 31).

5
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Consolidated Balance Sheets
(in thousands)
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Assets          
Properties, net          
Operating properties, net $ 3,494,556  $ 3,500,087  $ 3,372,672  $ 3,359,676  $ 3,343,341 
Development and redevelopment in progress, including land (1) 120,936  95,284  140,091  108,710  89,132 
Land held (1) 187,484  188,106  213,093  214,170  211,009 
Total properties, net 3,802,976  3,783,477  3,725,856  3,682,556  3,643,482 
Property - operating lease right-of-use assets 48,906  50,383  51,838  53,271  54,374 
Cash and cash equivalents 28,580  274,986  23,687  21,288  24,292 
Investment in unconsolidated real estate joint ventures 35,818  36,368  36,301  38,555  38,960 
Accounts receivable, net 51,907  58,185  38,931  43,873  45,924 
Deferred rent receivable 182,647  177,921  173,758  171,257  165,968 
Lease incentives, net 71,879  72,347  68,263  66,478  64,260 
Deferred leasing costs, net 76,430  75,052  72,272  73,342  71,468 
Investing receivables, net 69,922  69,856  79,772  79,300  78,430 
Prepaid expenses and other assets, net 89,844  103,215  80,754  57,030  63,153 
Total assets $ 4,458,909  $ 4,701,790  $ 4,351,432  $ 4,286,950  $ 4,250,311 
Liabilities and equity          
Liabilities          
Debt $ 2,546,958  $ 2,767,834  $ 2,443,518  $ 2,438,591  $ 2,412,670 
Accounts payable and accrued expenses 116,954  147,200  135,331  106,749  98,039 
Rents received in advance and security deposits 40,252  37,914  36,988  37,799  41,624 
Dividends and distributions payable 37,102  35,205  35,220  35,214  35,208 
Deferred revenue associated with operating leases 47,874  47,714  43,671  39,325  38,915 
Property - operating lease liabilities 43,768  45,012  46,203  47,372  48,216 
Other liabilities 34,230  33,236  31,245  12,901  13,809 
Total liabilities 2,867,138  3,114,115  2,772,176  2,717,951  2,688,481 
Redeemable noncontrolling interest 25,130  25,506  24,217  23,258  23,539 
Equity      
COPT Defense’s shareholders’ equity      
Common shares 1,134  1,132  1,130  1,129  1,129 
Additional paid-in capital 2,500,341  2,502,661  2,497,736  2,495,422  2,492,454 
Cumulative distributions in excess of net income (986,706) (988,957) (991,935) (999,218) (1,003,120)
Accumulated other comprehensive income (loss) 34  (61) 79  342  403 
Total COPT Defense’s shareholders’ equity 1,514,803  1,514,775  1,507,010  1,497,675  1,490,866 
Noncontrolling interests in subsidiaries          
Common units in the Operating Partnership 33,687  29,317  33,024  33,181  32,745 
Other consolidated entities 18,151  18,077  15,005  14,885  14,680 
Total noncontrolling interests in subsidiaries 51,838  47,394  48,029  48,066  47,425 
Total equity 1,566,641  1,562,169  1,555,039  1,545,741  1,538,291 
Total liabilities, redeemable noncontrolling interest, and equity $ 4,458,909  $ 4,701,790  $ 4,351,432  $ 4,286,950  $ 4,250,311 
(1)Refer to pages 24 and 25 for detail.


6
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Consolidated Statements of Operations
(in thousands)
  Three Months Ended
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Revenues          
Lease revenue $ 192,971  $ 185,002  $ 178,272  $ 175,598  $ 175,308 
Other property revenue 1,625  1,483  2,038  1,859  2,289 
Construction contract and other service revenues 6,041  10,872  8,485  12,458  10,259 
Total revenues 200,637  197,357  188,795  189,915  187,856 
Operating expenses          
Property operating expenses 81,435  74,616  70,356  66,915  72,040 
Depreciation and amortization associated with real estate operations 42,685  42,263  40,631  39,573  39,359 
Construction contract and other service expenses 5,552  10,432  7,952  11,873  9,705 
General and administrative expenses 8,456  7,943  8,483  8,202  8,148 
Leasing expenses 2,994  2,896  2,449  2,613  2,999 
Business development expenses and land carry costs 1,199  904  1,098  1,096  1,009 
Total operating expenses 142,321  139,054  130,969  130,272  133,260 
Interest expense (23,996) (24,324) (20,894) (20,938) (20,504)
Interest and other income, net 3,955  5,301  2,591  1,223  1,568 
Gain on sales of real estate 582  32  3,018  —  300 
Loss on early extinguishment of debt —  (66) —  —  — 
Income before equity in income of unconsolidated entities and income taxes 38,857  39,246  42,541  39,928  35,960 
Equity in income of unconsolidated entities 1,406  265  1,815  355  371 
Income tax expense (124) (115) (612) (117) (103)
Net income 40,139  39,396  43,744  40,166  36,228 
Net income attributable to noncontrolling interests          
Common units in the Operating Partnership (812) (743) (924) (846) (726)
Other consolidated entities (771) (1,152) (1,093) (973) (762)
Net income attributable to common shareholders $ 38,556  $ 37,501  $ 41,727  $ 38,347  $ 34,740 
Amount allocable to share-based compensation awards (161) (113) (133) (112) (143)
Numerator for diluted EPS $ 38,395  $ 37,388  $ 41,594  $ 38,235  $ 34,597 
7
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Funds from Operations
(in thousands)
  Three Months Ended
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Net income $ 40,139  $ 39,396  $ 43,744  $ 40,166  $ 36,228 
Real estate-related depreciation and amortization 42,685  42,263  40,631  39,573  39,359 
Gain on sales of real estate (582) (32) (3,018) —  (300)
Depreciation and amortization on unconsolidated real estate JVs (1) 742  744  733  732  741 
Gain on sale of real estate on unconsolidated real estate JV (1) (1,146) —  —  —  — 
FFO - per Nareit (2) 81,838  82,371  82,090  80,471  76,028 
FFO allocable to other noncontrolling interests (3) (1,131) (1,524) (1,502) (1,382) (1,158)
Basic FFO allocable to share-based compensation awards (603) (543) (548) (550) (530)
Basic FFO available to common share and common unit holders (2) 80,104  80,304  80,040  78,539  74,340 
Diluted FFO adjustments allocable to share-based compensation awards 64  54  53  96  53 
Diluted FFO available to common share and common unit holders - per Nareit (2) 80,168  80,358  80,093  78,635  74,393 
Loss on early extinguishment of debt —  66  —  —  — 
Loss on early extinguishment of debt on unconsolidated real estate JVs (1) —  —  28  —  — 
Diluted FFO available to common share and common unit holders, as adjusted for comparability (2) $ 80,168  $ 80,424  $ 80,121  $ 78,635  $ 74,393 
(1)See page 31 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 30.
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1Q 2026 Supplemental Information Package
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COPT Defense Properties
Diluted Share + Unit Computations
(in thousands, except per share data)

  Three Months Ended
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
EPS Denominator          
Weighted average common shares - basic 112,806  112,733  112,485  112,459  112,383 
Dilutive effect of share-based compensation awards 1,031  850  702  765  643 
Dilutive exchangeable debt 472  —  —  —  — 
Weighted average common shares - diluted 114,309  113,583  113,187  113,224  113,026 
Diluted EPS $ 0.34  $ 0.33  $ 0.37  $ 0.34  $ 0.31 
Weighted Average Shares for period ended          
Common shares 112,806  112,733  112,485  112,459  112,383 
Dilutive effect of share-based compensation awards 1,031  850  702  765  643 
Common units 2,063  1,926  2,182  2,177  2,047 
Dilutive exchangeable debt 472  —  —  —  — 
Denominator for diluted FFO per share and as adjusted for comparability 116,372  115,509  115,369  115,401  115,073 
Weighted average common units (2,063) (1,926) (2,182) (2,177) (2,047)
Denominator for diluted EPS 114,309  113,583  113,187  113,224  113,026 
Diluted FFO per share - Nareit (1) $ 0.69  $ 0.70  $ 0.69  $ 0.68  $ 0.65 
Diluted FFO per share - as adjusted for comparability (1) $ 0.69  $ 0.70  $ 0.69  $ 0.68  $ 0.65 
(1)Refer to the section entitled “Definitions” for a definition of this measure.
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1Q 2026 Supplemental Information Package
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COPT Defense Properties
Adjusted Funds from Operations
(in thousands)
  Three Months Ended
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Diluted FFO available to common share and common unit holders, as adjusted for comparability (1) $ 80,168  $ 80,424  $ 80,121  $ 78,635  $ 74,393 
Straight line rent adjustments and lease incentive amortization (1,330) 3,634  5,053  (1,836) (1,699)
Amortization of intangibles and other assets included in NOI 60  (384) 42  64  162 
Share-based compensation, net of amounts capitalized 3,186  2,954  2,961  2,924  2,854 
Amortization of deferred financing costs 832  817  657  657  667 
Amortization of net debt discounts, net of amounts capitalized 1,217  1,282  1,070  1,060  1,051 
Replacement capital expenditures (1) (19,205) (31,290) (26,982) (23,919) (21,464)
Other 156  (228) 352  75  81 
Diluted AFFO available to common share and common unit holders (“diluted AFFO”) (1) $ 65,084  $ 57,209  $ 63,274  $ 57,660  $ 56,045 
Replacement capital expenditures (1)          
Tenant improvements and incentives $ 15,899  $ 25,671  $ 24,769  $ 15,293  $ 13,758 
Building improvements 1,142  8,888  3,662  5,641  1,872 
Leasing costs 1,547  5,008  2,240  4,929  3,461 
Net additions to (exclusions from) tenant improvements and incentives 924  (6,335) (3,390) (241) 3,538 
Excluded building improvements (307) (1,942) (299) (1,703) (201)
Excluded leasing costs —  —  —  —  (964)
Replacement capital expenditures $ 19,205  $ 31,290  $ 26,982  $ 23,919  $ 21,464 
(1)Refer to the section entitled “Definitions” for a definition of this measure.
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1Q 2026 Supplemental Information Package
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COPT Defense Properties
EBITDAre + Adjusted EBITDA
(in thousands)
  Three Months Ended
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Net income $ 40,139  $ 39,396  $ 43,744  $ 40,166  $ 36,228 
Interest expense 23,996  24,324  20,894  20,938  20,504 
Income tax expense 124  115  612  117  103 
Real estate-related depreciation and amortization 42,685  42,263  40,631  39,573  39,359 
Other depreciation and amortization 416  435  428  468  542 
Gain on sales of real estate (582) (32) (3,018) —  (300)
Adjustments from unconsolidated real estate JVs 650  1,818  1,758  1,515  1,518 
EBITDAre (1) 107,428  108,319  105,049  102,777  97,954 
Credit loss (recoveries) expense (369) (644) (324) 1,187  515 
Business development expenses 802  508  731  741  593 
Executive transition costs —  —  —  21  57 
Loss on early extinguishment of debt —  66  —  —  — 
Loss on early extinguishment of debt on unconsolidated real estate JVs —  —  28  —  — 
Net gain on other investments (29) (26) (1,713) —  — 
Adjusted EBITDA (1) 107,832  108,223  103,771  104,726  99,119 
Pro forma NOI adjustment for property changes within period —  1,969  21  57  786 
Change in collectability of deferred rental revenue 86  127  —  20  1,232 
In-place adjusted EBITDA (1) $ 107,918  $ 110,319  $ 103,792  $ 104,803  $ 101,137 
(1)Refer to the section entitled “Definitions” for a definition of this measure.

11
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Properties by Segment - 3/31/26
(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  3,084  90.0% 92.1%
Other 25  1,883  91.8% 93.5%
Total Fort Meade/BW Corridor 95  9,255  93.5% 94.7%
Redstone Arsenal (Huntsville, AL) 25  2,525  96.1% 97.9%
Northern Virginia (“NoVA”) Defense/IT 17  2,644  93.9% 94.5%
Lackland Air Force Base (San Antonio, TX) 9  1,143  100.0% 100.0%
Navy Support 22  1,271  88.2% 89.4%
Data Center Shells
Consolidated Properties 9  2,034  100.0% 100.0%
Unconsolidated JV Properties (1) 24  4,295  100.0% 100.0%
Total Defense/IT Portfolio 201  23,167  95.6% 96.4%
Other 6  1,988  79.7% 81.4%
Total Portfolio 207  25,155  94.4% 95.2%
Consolidated Portfolio 183  20,859  93.2% 94.3%
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(1)See page 31 for additional disclosure regarding our unconsolidated real estate JVs.
(2)Refer to the section entitled “Definitions” for a definition of this measure.
12
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Consolidated Real Estate Revenues + NOI by Segment
(in thousands)
  Three Months Ended
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Consolidated real estate revenues          
Defense/IT Portfolio
Fort Meade/BW Corridor $ 87,533  $ 82,215  $ 81,756  $ 81,337  $ 84,608 
Redstone Arsenal 20,645  19,783  19,477  18,977  16,422 
NoVA Defense/IT 24,816  23,307  22,343  22,018  23,162 
Lackland Air Force Base 18,354  20,639  18,555  17,475  16,410 
Navy Support 8,992  8,621  8,727  8,258  7,960 
Data Center Shells-Consolidated 14,665  12,642  10,715  10,644  10,865 
Total Defense/IT Portfolio 175,005  167,207  161,573  158,709  159,427 
Other 19,591  19,278  18,737  18,748  18,170 
Consolidated real estate revenues (1) $ 194,596  $ 186,485  $ 180,310  $ 177,457  $ 177,597 
NOI from real estate operations (2)          
Defense/IT Portfolio
Fort Meade/BW Corridor $ 51,053  $ 52,028  $ 53,279  $ 54,440  $ 52,678 
Redstone Arsenal 13,396  12,857  12,227  12,817  10,128 
NoVA Defense/IT 14,460  14,104  13,452  13,160  13,073 
Lackland Air Force Base 9,356  9,059  8,310  8,234  7,411 
Navy Support 4,633  4,807  4,711  4,402  3,794 
Data Center Shells
Consolidated properties 12,116  10,486  9,014  8,861  9,012 
COPT Defense’s share of unconsolidated real estate JVs 2,056  2,083  1,864  1,870  1,889 
Total Defense/IT Portfolio 107,070  105,424  102,857  103,784  97,985 
Other 8,147  8,528  8,961  8,628  9,461 
NOI from real estate operations (1) $ 115,217  $ 113,952  $ 111,818  $ 112,412  $ 107,446 
(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
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Cash NOI by Segment
(in thousands)
  Three Months Ended
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Cash NOI from real estate operations (1)          
Defense/IT Portfolio
Fort Meade/BW Corridor $ 50,873  $ 52,727  $ 53,019  $ 51,640  $ 50,104 
Redstone Arsenal 10,322  9,937  9,549  10,283  8,723 
NoVA Defense/IT 14,964  14,607  13,669  12,717  12,263 
Lackland Air Force Base 9,606  8,946  8,863  8,846  8,086 
Navy Support 4,744  4,628  4,155  4,215  3,833 
Data Center Shells
Consolidated properties 8,989  8,170  8,217  7,521  7,002 
COPT Defense’s share of unconsolidated real estate JVs 1,701  1,682  1,655  1,651  1,628 
Total Defense/IT Portfolio 101,199  100,697  99,127  96,873  91,639 
Other 7,105  7,010  7,997  8,054  9,586 
Cash NOI from real estate operations (2) $ 108,304  $ 107,707  $ 107,124  $ 104,927  $ 101,225 
(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
1Q 2026 Supplemental Information Package
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COPT Defense Properties
NOI from Real Estate Operations + Occupancy by Property Grouping - 3/31/26
(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
Defense/IT Portfolio
Same Property (2)
Consolidated properties 173  18,274  94.5% 95.5% $ 641,459  86.5 % $ 100,548 
Unconsolidated JV properties 24  4,295  100.0% 100.0% 8,498  1.1 % 2,056 
Total Same Property in Defense/IT Portfolio 197  22,569  95.5% 96.3% 649,957  87.6 % 102,604 
Properties Placed in Service (4) 3  456  100.0% 100.0% 12,528  1.7 % 3,435 
Acquired properties 1  142  100.0% 100.0% 4,959  0.7 % 1,031 
Total Defense/IT Portfolio 201  23,167  95.6% 96.4% 667,444  90.0 % 107,070 
Other 6  1,988  79.7% 81.4% 74,334  10.0 % 8,147 
Total Portfolio 207  25,155  94.4% 95.2% $ 741,778  100.0 % $ 115,217 
Consolidated Portfolio 183  20,859  93.2% 94.3% $ 733,280  98.9 % $ 113,161 
(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 1/1/25.

15
1Q 2026 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
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Defense/IT Portfolio
Fort Meade/BW Corridor 95  9,255  93.4 % 93.6 % 94.3 % 94.4 % 94.7 %
Redstone Arsenal 24  2,475  96.0 % 96.6 % 96.0 % 95.5 % 94.8 %
NoVA Defense/IT 16  2,501  93.3 % 92.8 % 93.1 % 92.5 % 92.3 %
Lackland Air Force Base 9  1,143  100.0 % 100.0 % 100.0 % 100.0 % 95.3 %
Navy Support 22  1,271  86.8 % 85.8 % 83.5 % 83.4 % 82.1 %
Data Center Shells
Consolidated properties 7  1,629  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 197  22,569  95.4 % 95.4 % 95.5 % 95.4 % 95.2 %
Other 6  1,988  79.2 % 76.8 % 76.2 % 75.6 % 73.3 %
Total Same Property 203  24,557  94.1 % 93.9 % 94.0 % 93.8 % 93.4 %

Same Property (1) Period End Occupancy Rates by Segment 
(square feet in thousands)
# of Properties Operational Square Feet
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Defense/IT Portfolio
Fort Meade/BW Corridor 95  9,255  93.5 % 93.6 % 94.1 % 94.5 % 94.4 %
Redstone Arsenal 24  2,475  96.0 % 96.0 % 95.7 % 95.7 % 95.3 %
NoVA Defense/IT 16  2,501  93.5 % 93.1 % 93.0 % 93.1 % 92.2 %
Lackland Air Force Base 9  1,143  100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Navy Support 22  1,271  88.2 % 86.9 % 83.9 % 84.0 % 81.6 %
Data Center Shells
Consolidated properties 7  1,629  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 197  22,569  95.5 % 95.4 % 95.4 % 95.6 % 95.3 %
Other 6  1,988  79.7 % 76.6 % 76.8 % 76.2 % 74.7 %
Total Same Property 203  24,557  94.2 % 93.9 % 93.9 % 94.0 % 93.6 %
(1)Refer to the section entitled “Definitions” for a definition of this measure.
16
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Same Property Real Estate Revenues + NOI by Segment
(in thousands)
  Three Months Ended
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Same Property real estate revenues          
Defense/IT Portfolio
Fort Meade/BW Corridor $ 87,534  $ 82,215  $ 81,756  $ 81,337  $ 84,608 
Redstone Arsenal 20,133  19,302  19,128  18,879  16,399 
NoVA Defense/IT 23,405  22,349  22,343  22,018  23,162 
Lackland Air Force Base 18,354  20,639  18,554  17,475  16,411 
Navy Support 8,992  8,621  8,727  8,258  7,960 
Data Center Shells-Consolidated 11,393  11,101  10,715  10,644  10,865 
Total Defense/IT Portfolio 169,811  164,227  161,223  158,611  159,405 
Other 17,245  16,889  16,419  16,291  15,675 
Same Property real estate revenues $ 187,056  $ 181,116  $ 177,642  $ 174,902  $ 175,080 
Same Property NOI from real estate operations (“NOI”)          
Defense/IT Portfolio
Fort Meade/BW Corridor $ 51,098  $ 52,067  $ 53,317  $ 54,442  $ 52,678 
Redstone Arsenal 12,982  12,472  11,962  12,707  10,110 
NoVA Defense/IT 13,429  13,318  13,453  13,160  13,072 
Lackland Air Force Base 9,356  9,059  8,310  8,233  7,412 
Navy Support 4,632  4,807  4,710  4,403  3,794 
Data Center Shells
Consolidated properties 9,051  9,022  9,014  8,861  9,012 
COPT Defense’s share of unconsolidated real estate JVs 2,056  2,083  1,864  1,870  1,889 
Total Defense/IT Portfolio 102,604  102,828  102,630  103,676  97,967 
Other 7,777  8,129  8,647  8,231  9,079 
Same Property NOI (1) $ 110,381  $ 110,957  $ 111,277  $ 111,907  $ 107,046 
(1)Refer to the section entitled “Supplementary Reconciliations of Non-GAAP Measures” for reconciliation.



17
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Same Property Cash NOI by Segment
(dollars in thousands)
  Three Months Ended
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Same Property cash NOI from real estate operations (“cash NOI”)          
Defense/IT Portfolio
Fort Meade/BW Corridor $ 50,917  $ 52,766  $ 53,057  $ 51,642  $ 50,104 
Redstone Arsenal 10,105  9,824  9,549  10,255  8,726 
NoVA Defense/IT 14,085  13,945  13,669  12,717  12,263 
Lackland Air Force Base 9,606  8,947  8,863  8,846  8,086 
Navy Support 4,744  4,627  4,155  4,215  3,833 
Data Center Shells
Consolidated properties 8,345  8,247  8,218  7,521  7,002 
COPT Defense’s share of unconsolidated real estate JVs 1,701  1,682  1,655  1,651  1,628 
Total Defense/IT Portfolio 99,503  100,038  99,166  96,847  91,642 
Other 6,750  6,628  7,698  7,672  9,150 
Same Property cash NOI (1) $ 106,253  $ 106,666  $ 106,864  $ 104,519  $ 100,792 
Percentage change in total Same Property cash NOI (1)(2) 5.4%
Percentage change in Defense/IT Portfolio Same Property cash NOI (2) 8.6%

(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
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Leasing (1)(2)
Three Months Ended 3/31/26
(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 134  19  31  953  24  1,161  2  1,163 
Expiring Square Feet 215  19  37  953  53  1,277  4  1,281 
Vacating Square Feet 81  —  6  —  29  116  2  118 
Retention Rate (% based upon square feet) 62.3 % 100.0 % 84.7 % 100.0 % 45.3 % 91.0 % 44.0 % 90.8 %
Statistics for Completed Leasing
Per Annum Average Committed Cost per Square Foot $ 0.73  $ 0.66  $ 8.26  $ 2.14  $ 0.52  $ 2.08  $ —  $ 2.08 
Weighted Average Lease Term in Years 3.5  1.6  6.1  4.6  5.2  4.5  1.0  4.5 
Straight-line Rent Per Square Foot
Renewal Straight-line Rent $ 30.36  $ 31.18  $ 37.16  $ 67.05  $ 14.16  $ 60.33  $ 23.07  $ 60.27 
Expiring Straight-line Rent $ 29.25  $ 30.21  $ 31.89  $ 59.50  $ 16.09  $ 53.88  $ 21.13  $ 53.83 
Change in Straight-line Rent 3.8 % 3.2 % 16.6 % 12.7 % (12.0 %) 12.0 % 9.2 % 12.0 %
Cash Rent Per Square Foot
Renewal Cash Rent $ 29.54  $ 30.75  $ 37.11  $ 65.65  $ 16.16  $ 59.11  $ 23.07  $ 59.05 
Expiring Cash Rent $ 29.76  $ 30.72  $ 36.04  $ 63.01  $ 16.65  $ 56.95  $ 23.07  $ 56.90 
Change in Cash Rent (0.8 %) 0.1 % 3.0 % 4.2 % (2.9 %) 3.8 % — % 3.8 %
Compound Annual Growth Rate 4.7 % 6.6 % 4.3 % 6.3 % 0.2 % 6.0 % 2.0 % 6.0 %
Average Escalations Per Year 4.6 % 2.5 % 2.6 % 3.0 % 2.5 % 3.1 % — % 3.1 %
New Leases
Investment Space
Leased Square Feet 384  —  —  —  —  384  —  384 
Statistics for Completed Leasing
Per Annum Average Committed Cost per Square Foot $ 4.16  $ —  $ —  $ —  $ —  $ 4.16  $ —  $ 4.16 
Weighted Average Lease Term in Years 13.4  —  —  —  —  13.4  —  13.4 
Straight-line Rent Per Square Foot $ 54.76  $ —  $ —  $ —  $ —  $ 54.76  $ —  $ 54.76 
Cash Rent Per Square Foot $ 48.05  $ —  $ —  $ —  $ —  $ 48.05  $ —  $ 48.05 
Vacant Space
Leased Square Feet 68  5  —  —  14  87  5  92 
Statistics for Completed Leasing
Per Annum Average Committed Cost per Square Foot $ 4.81  $ 3.66  $ —  $ —  $ 4.58  $ 4.71  $ 10.93  $ 5.03 
Weighted Average Lease Term in Years 6.8  4.3  —  —  6.8  6.7  5.4  6.6 
Straight-line Rent Per Square Foot $ 26.58  $ 28.60  $ —  $ —  $ 23.19  $ 26.16  $ 28.36  $ 26.28 
Cash Rent Per Square Foot $ 27.89  $ 27.45  $ —  $ —  $ 23.00  $ 27.10  $ 28.75  $ 27.18 
Total Square Feet Leased 586  24  31  953  38  1,632  7  1,639 
Average Escalations Per Year 2.8 % 2.5 % 2.6 % 3.0 % 2.6 % 2.9 % 2.8 % 2.9 %
    
(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
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Lease Expiration Analysis as of 3/31/26 (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 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 1,427  $ 64,590  9.7 % $ 45.20 
Redstone Arsenal 5  173  — % 32.33 
NoVA Defense/IT 63  2,002  0.3 % 31.97 
Navy Support 121  3,860  0.6 % 31.83 
2026 1,616  70,625  10.6 % 43.64 
Fort Meade/BW Corridor 1,096  42,600  6.4 % 38.85 
Redstone Arsenal 192  5,711  0.9 % 29.79 
NoVA Defense/IT 114  3,997  0.6 % 35.16 
Navy Support 297  9,768  1.5 % 32.85 
Data Center Shells-Unconsolidated JV Properties 364  588  0.1 % 16.13 
2027 2,063  62,664  9.4 % 36.10 
Fort Meade/BW Corridor 2,030  79,026  11.8 % 38.88 
Redstone Arsenal 16  460  0.1 % 29.67 
NoVA Defense/IT 410  18,003  2.7 % 43.91 
Navy Support 146  4,548  0.7 % 31.13 
Data Center Shells-Unconsolidated JV Properties 515  946  0.1 % 18.36 
2028 3,117  102,983  15.4 % 38.78 
Fort Meade/BW Corridor 1,220  42,743  6.4 % 34.99 
Redstone Arsenal 464  10,317  1.5 % 22.15 
NoVA Defense/IT 728  29,253  4.4 % 40.19 
Navy Support 126  3,912  0.6 % 31.01 
Data Center Shells-Unconsolidated JV Properties 992  2,415  0.4 % 24.35 
2029 3,530  88,640  13.3 % 33.57 
Fort Meade/BW Corridor 1,066  35,927  5.4 % 33.61 
Redstone Arsenal 246  6,967  1.0 % 28.34 
NoVA Defense/IT 116  4,571  0.7 % 39.34 
Lackland Air Force Base 703  48,358  7.2 % 68.82 
Navy Support 52  1,518  0.2 % 29.17 
Data Center Shells-Unconsolidated JV Properties 432  884  0.1 % 20.45 
2030 2,615  98,225  14.7 % 44.08 
Thereafter
Consolidated Properties 7,221  240,641  36.1 % 32.57 
Unconsolidated JV Properties 1,992  3,666  0.5 % 18.41 
Total Defense/IT Portfolio 22,154  $ 667,444  100.0 % $ 36.18 

20
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Lease Expiration Analysis as of 3/31/26 (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 Total
Annualized 
Rental
Revenue
Expiring (3)		 Annualized Rental
Revenue of
Expiring Leases per Occupied Sq. Foot (3)
Total Defense/IT Portfolio 22,154  $ 667,444  90.0 % $ 36.18 
Other
         2026 47  1,890  0.3 % 39.14 
         2027 98  4,454  0.6 % 45.02 
         2028 264  17,354  2.3 % 38.17 
         2029 157  6,836  0.9 % 43.48 
         2030 33  1,254  0.2 % 38.27 
Thereafter 985  42,546  5.7 % 43.11 
Total Other 1,584  74,334  10.0 % 42.22 
Total Portfolio 23,738  $ 741,778  100.0 % $ 36.66 
Consolidated Portfolio 19,443  $ 733,280 
Unconsolidated JV Properties 4,295  $ 8,498 
Note: As of 3/31/26, the weighted average lease term was 5.2 years for the total portfolio, 5.3 years for the 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 3/31/26. 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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21
1Q 2026 Supplemental Information Package
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COPT Defense Properties
2026 Defense/IT Portfolio Quarterly Lease Expiration Analysis as of 3/31/26 (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)
Defense/IT Portfolio
Fort Meade/BW Corridor 1,129  $ 50,007  7.6 % $ 44.23 
NoVA Defense/IT 29  1,077  0.2 % 37.61 
Navy Support 52  1,474  0.2 % 28.12 
Q2 2026 1,210  52,558  8.0 % 43.38 
Fort Meade/BW Corridor 86  3,473  0.5 % 40.10 
Redstone Arsenal 4  131  — % 33.69 
NoVA Defense/IT 28  925  0.1 % 32.64 
Navy Support 28  922  0.1 % 33.05 
Q3 2026 146  5,451  0.7 % 37.13 
Fort Meade/BW Corridor 212  11,110  1.7 % 52.44 
Redstone Arsenal 1  42  — % 28.70 
NoVA Defense/IT 6  —  — % — 
Navy Support 41  1,464  0.2 % 35.74 
Q4 2026 260  12,616  1.9 % 48.53 
1,616  $ 70,625  10.7 % $ 43.64 
(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 3/31/26.
(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.
22
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Top 20 Tenants as of 3/31/26 (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) $ 262,407  35.4 % 5,683  3.8 
Fortune 100 Company 81,076  11.0 % 6,807  7.3 
General Dynamics Corporation 33,684  4.6 % 657  2.9 
Peraton Corp. 19,067  2.6 % 488  5.2 
The Boeing Company 15,815  2.1 % 452  1.9 
Northrop Grumman Corporation   15,780  2.1 % 519  5.5 
CACI International Inc   14,533  2.0 % 342  2.9 
Fortune 100 Company   12,258  1.7 % 183  8.5 
Booz Allen Hamilton, Inc.   11,399  1.5 % 266  1.5 
Morrison & Foerster, LLP   10,122  1.4 % 102  11.0 
KBR, Inc. 8,163  1.1 % 284  7.9 
CareFirst, Inc.   8,046  1.1 % 216  10.6 
Amentum Holdings, Inc.   7,712  1.0 % 202  3.6 
Yulista Holding, LLC   7,642  1.0 % 368  3.7 
Mantech International Corp.   7,069  1.0 % 208  2.6 
AT&T Corporation   7,022  1.0 % 314  3.6 
University System of Maryland   6,678  0.9 % 176  3.8 
Wells Fargo & Company   6,207  0.8 % 138  2.8 
Lockheed Martin Corporation   6,070  0.8 % 194  4.3 
The MITRE Corporation   4,946  0.7 % 139  4.0 
Subtotal Top 20 Tenants   545,696  73.8 % 17,738  5.3 
All remaining tenants   196,082  26.2 % 6,000  4.9 
Total / Weighted Average   $ 741,778  100.0 % 23,738  5.2 

(1)For properties owned through unconsolidated real estate JVs, includes our share of those properties’ ARR of $8.5 million (see page 31 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 3/31/26, $6.7 million of our ARR was through the General Services Administration (GSA), representing 2.5% of our ARR from the United States Government and 0.9% of our total ARR.






23
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Summary of Development Projects as of 3/31/26 (1)
(dollars and square feet in thousands) 
Total Rentable Square Feet
% Leased as of 3/31/26
as of 3/31/26 (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% $ 68,323  $ 53,717  $ 13,752  2Q 25 2Q 26
4400 River Road College Park, MD 110  100% 66,266  6,917  —  2Q 27 3Q 27
620 Guardian Way Annapolis Junction, MD 236  100% 145,970  24,232  —  3Q 28 3Q 28
Fort Meade/BW Corridor Subtotal / Average 494  100% 280,559  84,866  13,752 
Redstone Arsenal
7700 Advanced Gateway Huntsville, AL 101  100% 32,760  7,870  —  1Q 27 1Q 27
8500 Advanced Gateway Huntsville, AL 155  20% 52,317  32,323  —  2Q 26 2Q 27
410 Goss Road Huntsville, AL 151  0% 55,003  10,204  —  3Q 27 3Q 28
Redstone Arsenal Subtotal / Average 407  33% 140,080  50,397  — 
Lackland Air Force Base
Project EL 2 San Antonio, TX 132  100% 87,600  3,592  —  4Q 27 4Q 27
Total Defense/IT Portfolio Under Development 1,033  73% $ 508,239  $ 138,855  $ 13,752     
(1)Includes properties under, or contractually committed for, development as of 3/31/26.
(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 3/31/26.


24
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Summary of Land Owned/Controlled as of 3/31/26 (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) 271 2,949
NoVA Defense/IT 29   1,739
Navy Support 36 57
Data Center Shells 365 3,300
Total Defense/IT Portfolio land owned/controlled for future development 979 10,810 $ 179,448 
Other land owned/controlled 47   1,478 8,036 
Land held, net 1,026 12,288 $ 187,484 

(1)This land inventory schedule includes properties under ground lease to us and excludes all properties listed as development as detailed on page 24. 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 30). 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.

25
1Q 2026 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 3/31/26
Debt
Secured debt 3.5 4.80 % 4.69 % $ 183,893 
Unsecured debt 4.5 3.49 % 3.70 % 2,385,011 
Total Consolidated Debt 4.5 3.58 % 3.77 % $ 2,568,904 
Fixed-rate debt (3) 4.5 3.37 % 3.60 % $ 2,190,904 
Variable-rate debt (3) 4.1 4.74 % 4.73 % 378,000 
Total Consolidated Debt $ 2,568,904 
Common Equity
Common Shares 113,378 
Common Units (4) 2,434 
Total Common Shares and Units 115,812 
Closing Common Share Price on 3/31/26
 $ 30.60 
Equity Market Capitalization (5) $ 3,543,847 
Total Market Capitalization (5) $ 6,112,751 
(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 an interest rate swap with a notional amount totaling $10.1 million that hedges 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 2/25/26
Moody’s Baa2 Stable 3/12/26
S&P BBB- Stable 4/11/25
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26
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Summary of Outstanding Debt as of 3/31/26
(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% $ 190,000  Oct-29 (1)(2) Revolving Development Facility SOFR+1.35% $ 138,000  $ 138,000  Oct-29 (2)(3)
Senior Unsecured Notes M Square
5.25% due 2028 5.25% 345,000  Sep-28 (4) 5825 & 5850 University Research Court (5) 3.82% 35,793  $ 35,603  Jun-26
2.00% due 2029 2.00% 400,000  Jan-29
4.50% due 2030 4.50% 400,000  Oct-30 5801 University Research Court (2)(5) SOFR
+0.10%+1.45%		 10,100  $ 10,020  Aug-26
2.75% due 2031 2.75% 600,000  Apr-31
2.90% due 2033 2.90% 400,000  Dec-33 Total Secured Debt 4.80% $ 183,893 
Subtotal - Senior Unsecured Notes 3.37% 2,145,000 
Unsecured Bank Term Loan SOFR+1.05% 50,000  Jan-27 (2)(6)
Other Unsecured Debt 0.00% 11  May-26
Total Unsecured Debt 3.49% $ 2,385,011 
Debt Summary
Total Unsecured Debt 3.49% $ 2,385,011 
Total Secured Debt 4.80% 183,893 
Consolidated Debt 3.58% $ 2,568,904 
Debt per balance sheet $ 2,546,958 
Net discounts and deferred financing costs 21,946 
Consolidated Debt 2,568,904 
COPT Defense’s share of unconsolidated JV gross debt (7) 75,250 
Gross debt $ 2,644,154 
(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 31 for additional disclosure regarding our unconsolidated real estate JVs.

27
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Summary of Outstanding Debt as of 3/31/26 (continued)

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(1)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.
(2)Revolving Credit Facility balance of $190.0 million is included in 2030 assuming our exercise of two six-month extension options. Also included is our Revolving Development Facility balance of $138.0 million assuming our exercise of a 12-month extension option.
(3)Includes the effect of an interest rate swap with a notional amount totaling $10.1 million that hedges the risk of changes in interest rates on variable-rate debt.
(4)The interest on this debt is capitalized to our active development projects.
28
1Q 2026 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
3/31/26
As of and for Three Months Ended
3/31/26
Senior Note Covenants (1) Required Line of Credit & Term Loan Covenants (1) Required
Total Debt / Total Assets < 60% 41.3% Total Debt / Total Assets < 60% 37.2%
Secured Debt / Total Assets < 40% 3.0% Secured Debt / Total Assets < 40% 3.4%
Debt Service Coverage > 1.5x 4.5x Adjusted EBITDA / Fixed Charges > 1.5x 4.3x
Unencumbered Assets / Unsecured Debt > 150% 242.5% Unsecured Debt / Unencumbered Assets < 60% 37.6%
Unencumbered Adjusted NOI / Unsecured Interest Expense > 1.75x 4.3x
Debt Ratios Page Refer. Unencumbered Portfolio Analysis
GAAP NOI from unencumbered real estate operations $ 107,303 
Debt per balance sheet $ 2,546,958  % of total NOI from real estate operations 93 %
Total assets $ 4,458,909  Adjusted EBITDA from unencumbered real estate operations $ 99,918 
Debt to assets 57.1 % % of total adjusted EBITDA from real estate operations 93 %
Net income $ 40,139  Unencumbered adjusted book $ 5,958,980 
Debt to net income ratio (2) 15.9  x % of total adjusted book 93 %
Interest expense $ 23,996 
Net income to interest expense ratio (2) 1.7  x
Non-GAAP
Net debt $ 2,614,344 
Adjusted book $ 6,432,520 
Net debt to adjusted book 40.6 %
Net debt adjusted for fully-leased investment properties $ 2,531,768 
In-place adjusted EBITDA $ 107,918 
Net debt to in-place adjusted EBITDA ratio 6.1  x
Net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio 5.9  x
Denominator for debt service coverage $ 23,291 
Denominator for fixed charge coverage $ 24,970 
Adjusted EBITDA $ 107,832 
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.
29
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Consolidated Real Estate Joint Ventures as of 3/31/26
(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 Total Assets (2)
Suburban MD            
M Square Associates, LLC (4 properties)
 414  98.4% 98.4% $ 1,643  $ 91,479  $ 45,893  50%
Huntsville, AL
LW Redstone Company, LLC (24 properties)
 2,388  96.9% 98.5% 12,783  634,542  —  85% (4)
Washington, DC
Stevens Place (1 property)
 188  92.2% 93.7% 2,504  141,689  —  95%
Total / Average 2,990  96.8% 98.1% $ 16,930  $ 867,710  $ 45,893 
 
        
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  $ 14,772  $ —  50%
Huntsville, AL        
Redstone Gateway (5) 3,356  142,206  —  85% (3)
Total 3,704  $ 156,978  $ —   
 
(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 receive the remainder.
(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.
30
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Unconsolidated Real Estate Joint Ventures as of 3/31/26 (1)
(dollars and square feet in thousands) 
Joint venture information
COPT Defense ownership %
 10 %
COPT Defense’s investment
 $ 11,805  (2)
# of Properties 24 
Square Feet 4,295 
% Occupied 100 %
COPT Defense’s share of ARR $ 8,498 
Balance sheet information Total COPT Defense’s Share (3)
Operating properties, net $ 906,881  $ 90,688 
Total assets $ 1,007,060  $ 100,706 
Debt (4) $ 747,667  $ 74,767 
Total liabilities $ 823,534  $ 82,353 
Three Months Ended
Operating information Total COPT Defense’s Share (3)
Revenue $ 26,173  $ 2,617 
Operating expenses (5,619) (561)
NOI from real estate operations and EBITDAre (5) 20,554  2,056 
Interest expense (10,537) (1,054)
Depreciation and amortization (7,887) (742)
Gain on sale of real estate (6) 11,463  1,146 
Net income $ 13,593  $ 1,406 
NOI from real estate operations (per above) (5) $ 20,554  $ 2,056 
Straight line rent adjustments (1,743) (174)
Amortization of acquired above- and below-market rents (1,804) (181)
Cash NOI from real estate operations (5) $ 17,007  $ 1,701 
(1)Includes equity method investments in five JVs that own and operate data center shell properties.
(2)Includes $35.8 million reported in “Investment in unconsolidated real estate joint ventures” and $24.0 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.
(6)Represents gain from the sale of a right-of-way easement by one of our JVs.


31
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Supplementary Reconciliations of Non-GAAP Measures
(in thousands)
  Three Months Ended
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Net income $ 40,139  $ 39,396  $ 43,744  $ 40,166  $ 36,228 
Construction contract and other service revenues (6,041) (10,872) (8,485) (12,458) (10,259)
Depreciation and other amortization associated with real estate operations 42,685  42,263  40,631  39,573  39,359 
Construction contract and other service expenses 5,552  10,432  7,952  11,873  9,705 
General and administrative expenses 8,456  7,943  8,483  8,202  8,148 
Leasing expenses 2,994  2,896  2,449  2,613  2,999 
Business development expenses and land carry costs 1,199  904  1,098  1,096  1,009 
Interest expense 23,996  24,324  20,894  20,938  20,504 
Interest and other income, net (3,955) (5,301) (2,591) (1,223) (1,568)
Gain on sales of real estate (582) (32) (3,018) —  (300)
Loss on early extinguishment of debt —  66  —  —  — 
Equity in income of unconsolidated entities (1,406) (265) (1,815) (355) (371)
Unconsolidated real estate JVs NOI allocable to COPT Defense included in equity in income of unconsolidated entities (1) 2,056  2,083  1,864  1,870  1,889 
Income tax expense 124  115  612  117  103 
NOI from real estate operations 115,217  113,952  111,818  112,412  107,446 
Straight line rent adjustments and lease incentive amortization (1,028) 3,968  5,551  (1,379) (1,875)
Amortization of acquired above- and below-market rents 60  (384) 42  65  64 
Amortization of intangibles and other assets to property operating expenses —  —  —  —  98 
Lease termination fees, net (1,212) (859) (1,190) (729) (834)
Tenant funded landlord assets and lease incentives (4,378) (8,569) (8,888) (5,223) (3,413)
Cash NOI adjustments in unconsolidated real estate JVs (355) (401) (209) (219) (261)
Cash NOI from real estate operations $ 108,304  $ 107,707  $ 107,124  $ 104,927  $ 101,225 
NOI from real estate operations (from above) $ 115,217  $ 113,952  $ 111,818  $ 112,412  $ 107,446 
Non-Same Property NOI from real estate operations (4,836) (2,995) (541) (505) (400)
Same Property NOI from real estate operations 110,381  110,957  111,277  111,907  107,046 
Straight line rent adjustments and lease incentive amortization 677  5,909  2,185  (1,282) (1,811)
Amortization of acquired above- and below-market rents 80  (371) 41  65  64 
Lease termination fees, net (1,212) (859) (1,191) (728) (834)
Tenant funded landlord assets and lease incentives (3,318) (8,569) (5,239) (5,223) (3,413)
Cash NOI adjustments in unconsolidated real estate JVs (355) (401) (209) (220) (260)
Same Property Cash NOI from real estate operations $ 106,253  $ 106,666  $ 106,864  $ 104,519  $ 100,792 
(1)See page 31 for additional disclosure regarding our unconsolidated real estate JVs.
32
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Supplementary Reconciliations of Non-GAAP Measures (continued)
(in thousands)
  Three Months Ended
  3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Real estate revenues
Lease revenue
Fixed contractual payments $ 142,467  $ 139,318  $ 135,957  $ 136,334  $ 131,691 
Variable lease payments (1) 50,504  45,684  42,315  39,264  43,617 
Lease revenue 192,971  185,002  178,272  175,598  175,308 
Other property revenue 1,625  1,483  2,038  1,859  2,289 
Real estate revenues $ 194,596  $ 186,485  $ 180,310  $ 177,457  $ 177,597 
Provision for credit losses (recoveries) on billed lease revenue $ 84  $ 26  $ 108  $ (280) $ 903 
Total revenues $ 200,637  $ 197,357  $ 188,795  $ 189,915  $ 187,856 
Construction contract and other service revenues (6,041) (10,872) (8,485) (12,458) (10,259)
Real estate revenues $ 194,596  $ 186,485  $ 180,310  $ 177,457  $ 177,597 
Total interest expense $ 23,996  $ 24,324  $ 20,894  $ 20,938  $ 20,504 
Less: Amortization of deferred financing costs (832) (817) (657) (657) (667)
Less: Amortization of net debt discounts, net of amounts capitalized (1,217) (1,282) (1,070) (1,060) (1,051)
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 947  968  898  759  752 
Denominator for interest coverage 22,894  23,193  20,065  19,980  19,538 
Scheduled principal amortization 397  416  458  457  461 
Denominator for debt service coverage 23,291  23,609  20,523  20,437  19,999 
Capitalized interest, excluding amortization of deferred financing costs 1,679  1,714  1,292  1,126  927 
Denominator for fixed charge coverage $ 24,970  $ 25,323  $ 21,815  $ 21,563  $ 20,926 
Dividends on unrestricted common and deferred shares $ 36,134  $ 34,414  $ 34,332  $ 34,324  $ 34,318 
Distributions on unrestricted common units 711  573  658  666  661 
Dividends and distributions on restricted shares and units 267  205  209  218  236 
Total dividends and distributions for GAAP payout ratio 37,112  35,192  35,199  35,208  35,215 
Dividends and distributions on antidilutive shares and units (257) (198) (202) (194) (237)
Dividends and distributions for non-GAAP payout ratios $ 36,855  $ 34,994  $ 34,997  $ 35,014  $ 34,978 
(1)Represents primarily lease revenue associated with property operating expense reimbursements from tenants.
33
1Q 2026 Supplemental Information Package
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COPT Defense Properties
Supplementary Reconciliations of Non-GAAP Measures (continued)
(in thousands)
3/31/26 12/31/25 9/30/25 6/30/25 3/31/25
Total assets $ 4,458,909  $ 4,701,790  $ 4,351,432  $ 4,286,950  $ 4,250,311 
Accumulated depreciation 1,721,016  1,682,367  1,644,472  1,608,032  1,572,422 
Accumulated amortization of intangibles on property acquisitions and deferred leasing costs 227,989  228,656  226,312  225,192  227,122 
COPT Defense’s share of liabilities of unconsolidated real estate JVs 82,353  82,039  82,430  61,026  61,190 
COPT Defense’s share of accumulated depreciation and amortization of unconsolidated real estate JVs 16,583  16,000  15,197  14,407  13,616 
Less: Property - operating lease liabilities (43,768) (45,012) (46,203) (47,372) (48,216)
Less: Property - finance lease liabilities (752) (363) (370) (377) (384)
Less: Cash and cash equivalents (28,580) (274,986) (23,687) (21,288) (24,292)
Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,230) (1,898) (2,080) (1,944) (1,766)
Adjusted book $ 6,432,520  $ 6,388,593  $ 6,247,503  $ 6,124,626  $ 6,050,003 
Gross debt (page 27)
$ 2,644,154  $ 2,866,550  $ 2,537,891  $ 2,512,850  $ 2,488,306 
Less: Cash and cash equivalents (28,580) (274,986) (23,687) (21,288) (24,292)
Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,230) (1,898) (2,080) (1,944) (1,766)
Net debt 2,614,344  2,589,666  2,512,124  2,489,618  2,462,248 
Costs incurred on fully-leased development properties (82,576) (8,226) (83,794) (60,302) (27,499)
Net debt adjusted for fully-leased investment properties $ 2,531,768  $ 2,581,440  $ 2,428,330  $ 2,429,316  $ 2,434,749 

34
1Q 2026 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 though the resulting revenue adjustments are not reflective of our lease economics. In
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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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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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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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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 1/1/25.
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.
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1Q 2026 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 First Quarter 2026 Results
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EPS of $0.34
FFO per Share, As Adjusted for Comparability, of $0.69
6.2% FFO per Share Growth Year-over-Year
1-cent above the Midpoint of Guidance

Increased Midpoint of 2026 FFO per Share Guidance by 1-cent to $2.76
Implies 1.5% FFO per Share Growth for the Year

Same Property Cash NOI Increased 5.4%
Increased Midpoint of 2026 Guidance by 50 basis points to 3.0%

Occupancy and Leased Levels
Total Portfolio 94.4% Occupied and 95.2% Leased
Defense/IT Portfolio 95.6% Occupied and 96.4% Leased
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Leasing Activity
Total Leasing of 1.6 million SF

Vacancy Leasing of 92,000 SF
On Track to Achieve Annual Target of 400,000 SF

Renewal Leasing of 1.2 million SF

Tenant Retention of 91%
Increased Midpoint of 2026 Guidance by 250 basis points to 82.5%

Investment Leasing of 384,000 SF
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Investment Activity
Committed $201 million of Capital to Two New Investments that are 61% Pre-Leased
Increased Midpoint of 2026 Guidance by $40 million to $290 million
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COLUMBIA, MD (BUSINESS WIRE) April 27, 2026 - COPT Defense Properties (“COPT Defense” or the “Company”) (NYSE: CDP) announced results for the first quarter ended March 31, 2026.


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Management Comments

Stephen E. Budorick, COPT Defense’s President & Chief Executive Officer, commented, “We achieved solid results in the first quarter and our performance is tracking on all aspects of our full year plan. FFO per share exceeded the midpoint of our guidance range by $0.01. Based on this outperformance, and our forecast for the remainder of the year, we increased the midpoint of 2026 FFO per share guidance by $0.01 to $2.76.

In terms of our leasing achievements, we are off to a great start, as we have executed over 90,000 square feet of vacancy leasing, over 380,000 square feet of investment leasing, and a record 1.2 million square feet of renewal leasing in the first quarter, which equated to a strong tenant retention rate of 91%. Our strong renewal volume, retention, and cash rent spreads in the quarter were driven by the 953,000 square foot full renewal of our U.S. Government campus near Lackland Air Force Base in San Antonio. Our Defense/IT Portfolio was 95.6% occupied and 96.4% leased at quarter-end, and marked thirteen consecutive quarters in which our occupancy rate exceeded 94%, highlighting the strength and durability of our portfolio.

Over the past 4 months, we committed nearly $250 million to three new investments, consisting of a fully pre-leased build-to-suit development at The National Business Park in Maryland, an inventory building development that is designed for U.S. Government tenancy at Redstone Gateway in Alabama, and an acquisition of 17 acres of strategic land subject to a ground lease on which two fully leased strategic office buildings have been developed in Chantilly, Virginia. These investments serve to enhance and expand our relationships with leading defense contractor and U.S. Government tenants and position the Company to further expand our strategic portfolio in the future and ultimately drive shareholder value.

Our outstanding performance in 2025 and expected performance in 2026 led our Board of Trustees to approve a 4.9% increase in our quarterly dividend in February, which marks our fourth consecutive annual increase, amounting to a 16.4% cumulative increase since 2022. Finally, we were very pleased that Moody’s upgraded our investment grade rating by one level to Baa2 with a Stable outlook in March, which reflects the strength and specialized nature of our strategy, platform, and portfolio.”

Financial Highlights

1st Quarter Financial Results:
•Diluted earnings per share (“EPS”) was $0.34 for the quarter ended March 31, 2026, compared to $0.31 for the quarter ended March 31, 2025.

•Diluted funds from operations per share (“FFOPS”), as calculated in accordance with Nareit’s definition and as adjusted for comparability, was $0.69 for the quarter ended March 31, 2026, compared to $0.65 for the quarter ended March 31, 2025.

Operating Performance Highlights

Operating Portfolio Summary:
•At March 31, 2026, the Company’s 25.2 million square foot total portfolio was 94.4% occupied and 95.2% leased, which includes the 23.2 million square foot Defense/IT Portfolio that was 95.6% occupied and 96.4% leased.

Same Property Performance:
•At March 31, 2026, the Company’s 24.6 million square foot Same Property portfolio was 94.2% occupied and 95.1% leased.



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•The Company’s Same Property cash NOI increased 5.4% in the quarter ended March 31, 2026 compared to the same period in 2025.

Leasing:
•Total Square Feet Leased: For the quarter ended March 31, 2026, the Company leased 1.6 million square feet, including 1.2 million square feet of renewals, 92,000 square feet of vacancy leasing, and 384,000 square feet of investment leasing.

•Tenant Retention Rates: During the quarter ended March 31, 2026, the Company renewed 90.8% of expiring square feet in its total portfolio.

•Rent Spreads and Average Escalations on Renewing Leases: For the quarter ended March 31, 2026, straight-line rents on renewals increased 12.0% and cash rents on renewed space increased 3.8% while annual escalations on renewing leases averaged 3.1%.

•Lease Terms: In the quarter ended March 31, 2026, lease terms averaged 4.5 years on renewing leases, 6.6 years on vacancy leasing, and 13.4 years on investment leasing.

Investment Activity Highlights
•Development Pipeline: The Company’s development pipeline consists of seven properties totaling 1.0 million square feet that were 73% leased as of March 31, 2026. These projects represent a total estimated investment of $508 million, of which $139 million was spent as of March 31, 2026. The Company added two new investments to the development pipeline during the quarter totaling 387,000 square feet that are 61% pre-leased and represent $201 million in committed capital.

•Acquisition: Subsequent to the quarter, on April 23, 2026, the Company acquired approximately 17 acres of land for approximately $43 million, subject to a ground lease on which two buildings at Mission Ridge 1 + 2, located at 15020 and 15030 Conference Center Drive in Chantilly, Virginia, have been developed. The buildings are fully leased to the U.S. Government and defense contractors.

Balance Sheet and Capital Transaction Highlights
•On March 16, 2026, the Company repaid at maturity $400 million in 2.25% Notes, using the remaining excess available cash and cash equivalents from prefunding this debt maturity with a new bond issuance in 2025 and borrowings under our Revolving Credit Facility.

•For the quarter ended March 31, 2026, the Company’s adjusted EBITDA fixed charge coverage ratio was 4.3x.

•At March 31, 2026, the Company’s net debt to in-place adjusted EBITDA ratio was 6.1x and its net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio was 5.9x.

•At March 31, 2026, and including the effect of interest rate swaps, the Company’s weighted average effective interest rate on its consolidated debt portfolio was 3.8% with a weighted average maturity of 4.5 years (assuming exercise of available extension options), and 85% 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 first quarter 2026 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 Management is revising and increasing the midpoint of its full-year guidance for diluted EPS and diluted FFOPS, per Nareit and as adjusted for comparability of $1.21-$1.29 and $2.71-$2.79, respectively, to new ranges of $1.24-$1.30 and $2.73-$2.79, respectively.


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2026 Guidance
Management is establishing second quarter guidance for diluted EPS and diluted FFOPS per Nareit and as adjusted for comparability at $0.31-$0.33 and $0.68-$0.70, respectively. Reconciliations of projected diluted EPS to projected diluted FFOPS, in accordance with Nareit and as adjusted for comparability, are as follows:
Reconciliation of Diluted EPS to FFOPS, per Nareit,
and As Adjusted for Comparability
 Quarter Ending June 30, 2026 Year Ending December 31, 2026
Low High Low High
Diluted EPS $ 0.31  $ 0.33  $ 1.24  $ 1.30 
Real estate-related depreciation and amortization 0.37  0.37  1.50  1.50 
Gain on sales of real estate —  —  (0.01) (0.01)
Diluted FFOPS, Nareit definition and as adjusted for comparability $ 0.68  $ 0.70  $ 2.73  $ 2.79 

The Company detailed its initial full year guidance, with supporting assumptions, in a separate press release issued February 5, 2026; 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 first quarter 2026 results on its conference call tomorrow, details of which are listed below:

Conference Call Date: Tuesday, April 28, 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/BIe115c1b620434f18ba2fd85f99acc54d

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.

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.


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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 March 31, 2026, the Company’s Defense/IT Portfolio of 201 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.2 million square feet and was 96.4% 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, 2025.


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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 March 31,
  2026 2025
Revenues    
Lease revenue $ 192,971  $ 175,308 
Other property revenue 1,625  2,289 
Construction contract and other service revenues 6,041  10,259 
Total revenues 200,637  187,856 
Operating expenses    
Property operating expenses 81,435  72,040 
Depreciation and amortization associated with real estate operations 42,685  39,359 
Construction contract and other service expenses 5,552  9,705 
General and administrative expenses 8,456  8,148 
Leasing expenses 2,994  2,999 
Business development expenses and land carry costs 1,199  1,009 
Total operating expenses 142,321  133,260 
Interest expense (23,996) (20,504)
Interest and other income, net 3,955  1,568 
Gain on sales of real estate 582  300 
Income before equity in income of unconsolidated entities and income taxes 38,857  35,960 
Equity in income of unconsolidated entities 1,406  371 
Income tax expense (124) (103)
Net income 40,139  36,228 
Net income attributable to noncontrolling interests    
Common units in the Operating Partnership (“OP”) (812) (726)
Other consolidated entities (771) (762)
Net income attributable to common shareholders $ 38,556  $ 34,740 
Earnings per share (“EPS”) computation    
Numerator for diluted EPS    
Net income attributable to common shareholders $ 38,556  $ 34,740 
Amount allocable to share-based compensation awards (161) (143)
Numerator for diluted EPS $ 38,395  $ 34,597 
Denominator    
Weighted average common shares - basic 112,806  112,383 
Dilutive effect of share-based compensation awards 1,031  643 
Dilutive exchangeable debt 472  — 
Weighted average common shares - diluted 114,309  113,026 
Diluted EPS $ 0.34  $ 0.31 
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COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands, except per share data)
  For the Three Months Ended March 31,
  2026 2025
Net income $ 40,139  $ 36,228 
Real estate-related depreciation and amortization 42,685  39,359 
Gain on sales of real estate (582) (300)
Depreciation and amortization on unconsolidated real estate JVs 742  741 
Gain on sale of real estate on unconsolidated real estate JV (1,146) — 
Funds from operations (“FFO”) 81,838  76,028 
FFO allocable to other noncontrolling interests (1,131) (1,158)
Basic FFO allocable to share-based compensation awards (603) (530)
Basic FFO available to common share and common unit holders (“Basic FFO”) 80,104  74,340 
Diluted FFO adjustments allocable to share-based compensation awards 64  53 
Diluted FFO available to common share and common unit holders and as adjusted for comparability 80,168  74,393 
Straight line rent adjustments and lease incentive amortization (1,330) (1,699)
Amortization of intangibles and other assets included in net operating income (“NOI”) 60  162 
Share-based compensation, net of amounts capitalized 3,186  2,854 
Amortization of deferred financing costs 832  667 
Amortization of net debt discounts, net of amounts capitalized 1,217  1,051 
Replacement capital expenditures (19,205) (21,464)
Other 156  81 
Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”) $ 65,084  $ 56,045 
Diluted FFO per share $ 0.69  $ 0.65 
Diluted FFO per share, as adjusted for comparability $ 0.69  $ 0.65 
Dividends/distributions per common share/unit $ 0.32  $ 0.305 

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COPT Defense Properties
Summary Financial Data
(unaudited)
(dollars and shares in thousands, except per share data)
March 31,
2026		 December 31,
2025
Balance sheet data    
Properties, net of accumulated depreciation $ 3,802,976  $ 3,783,477 
Total assets $ 4,458,909  $ 4,701,790 
Debt per balance sheet $ 2,546,958  $ 2,767,834 
Total liabilities $ 2,867,138  $ 3,114,115 
Redeemable noncontrolling interest $ 25,130  $ 25,506 
Total equity $ 1,566,641  $ 1,562,169 
Debt to assets 57.1 % 58.9 %
Net debt to adjusted book 40.6 % 40.5 %
Defense/IT Portfolio data (as of period end)    
Number of operating properties 201  201 
Total operational square feet (in thousands) 23,167  23,159 
% Occupied 95.6 % 95.5 %
% Leased 96.4 % 96.5 %
For the Three Months Ended March 31,
2026 2025
GAAP    
Payout ratio
Net income 92.5 % 97.2 %
Debt ratios
Net income to interest expense ratio 1.7  x  1.8  x 
Debt to net income ratio 15.9  x  16.6  x 
Non-GAAP
Payout ratios
Diluted FFO 46.0 % 47.0 %
Diluted FFO, as adjusted for comparability 46.0 % 47.0 %
Diluted AFFO 56.6 % 62.4 %
Debt ratios
Adjusted EBITDA fixed charge coverage ratio 4.3  x  4.7  x 
Net debt to in-place adjusted EBITDA ratio 6.1  x  6.1  x 
Net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio 5.9  x  6.0  x 
Reconciliation of denominators for per share measures  
Denominator for diluted EPS 114,309  113,026 
Weighted average common units 2,063  2,047 
Denominator for diluted FFO per share and as adjusted for comparability 116,372  115,073 




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COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months Ended March 31,
  2026 2025
Numerators for payout ratios
Dividends on unrestricted common and deferred shares $ 36,134  $ 34,318 
Distributions on unrestricted common units 711  661 
Dividends and distributions on restricted shares and units 267  236 
Total dividends and distributions for GAAP payout ratio 37,112  35,215 
Dividends and distributions on antidilutive shares and units (257) (237)
Dividends and distributions for non-GAAP payout ratios $ 36,855  $ 34,978 
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 $ 40,139  $ 36,228 
Interest expense 23,996  20,504 
Income tax expense 124  103 
Real estate-related depreciation and amortization 42,685  39,359 
Other depreciation and amortization 416  542 
Gain on sales of real estate (582) (300)
Adjustments from unconsolidated real estate JVs 650  1,518 
EBITDAre 107,428  97,954 
Credit loss (recoveries) expense (369) 515 
Business development expenses 802  593 
Executive transition costs —  57 
Net gain on other investments (29) — 
Adjusted EBITDA 107,832  99,119 
Pro forma NOI adjustment for property changes within period —  786 
Change in collectability of deferred rental revenue 86  1,232 
In-place adjusted EBITDA $ 107,918  $ 101,137 
Reconciliations of tenant improvements and incentives, building improvements, and leasing costs for operating properties to replacement capital expenditures
Tenant improvements and incentives $ 15,899  $ 13,758 
Building improvements 1,142  1,872 
Leasing costs 1,547  3,461 
Net additions to tenant improvements and incentives 924  3,538 
Excluded building improvements (307) (201)
Excluded leasing costs —  (964)
Replacement capital expenditures $ 19,205  $ 21,464 
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COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months Ended March 31,
  2026 2025
Reconciliation of interest expense to the denominator for fixed charge coverage-Adjusted EBITDA    
Interest expense $ 23,996  $ 20,504 
Less: Amortization of deferred financing costs (832) (667)
Less: Amortization of net debt discounts, net of amounts capitalized (1,217) (1,051)
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 947  752 
Scheduled principal amortization 397  461 
Capitalized interest, excluding amortization of deferred financing costs 1,679  927 
Denominator for fixed charge coverage-Adjusted EBITDA $ 24,970  $ 20,926 
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 $ 40,139  $ 36,228 
Construction contract and other service revenues (6,041) (10,259)
Depreciation and other amortization associated with real estate operations 42,685  39,359 
Construction contract and other service expenses 5,552  9,705 
General and administrative expenses 8,456  8,148 
Leasing expenses 2,994  2,999 
Business development expenses and land carry costs 1,199  1,009 
Interest expense 23,996  20,504 
Interest and other income, net (3,955) (1,568)
Gain on sales of real estate (582) (300)
Equity in income of unconsolidated entities (1,406) (371)
Unconsolidated real estate JVs NOI allocable to COPT Defense included in equity in income of unconsolidated entities 2,056  1,889 
Income tax expense 124  103 
NOI from real estate operations 115,217  107,446 
Non-Same Property NOI from real estate operations (4,836) (400)
Same Property NOI from real estate operations 110,381  107,046 
Straight line rent adjustments and lease incentive amortization 677  (1,811)
Amortization of acquired above- and below-market rents 80  64 
Lease termination fees, net (1,212) (834)
Tenant funded landlord assets and lease incentives (3,318) (3,413)
Cash NOI adjustments in unconsolidated real estate JVs (355) (260)
Same Property Cash NOI from real estate operations $ 106,253  $ 100,792 

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COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
March 31,
2026		 December 31,
2025
Reconciliation of total assets to adjusted book    
Total assets $ 4,458,909  $ 4,701,790 
Accumulated depreciation 1,721,016  1,682,367 
Accumulated amortization of intangibles on property acquisitions and deferred leasing costs 227,989  228,656 
COPT Defense’s share of liabilities of unconsolidated real estate JVs 82,353  82,039 
COPT Defense’s share of accumulated depreciation and amortization of unconsolidated real estate JVs 16,583  16,000 
Less: Property - operating lease liabilities (43,768) (45,012)
Less: Property - finance lease liabilities (752) (363)
Less: Cash and cash equivalents (28,580) (274,986)
Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,230) (1,898)
Adjusted book $ 6,432,520  $ 6,388,593 

March 31,
2026		 December 31,
2025		 March 31,
2025
Reconciliation of debt to net debt and net debt adjusted for fully-leased investment properties
Debt per balance sheet $ 2,546,958  $ 2,767,834  $ 2,412,670 
Net discounts and deferred financing costs 21,946  23,466  21,886 
COPT Defense’s share of unconsolidated JV gross debt 75,250  75,250  53,750 
Gross debt 2,644,154  2,866,550  2,488,306 
Less: Cash and cash equivalents (28,580) (274,986) (24,292)
Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,230) (1,898) (1,766)
Net debt 2,614,344  2,589,666  2,462,248 
Costs incurred on fully-leased development properties (82,576) (8,226) (27,499)
Net debt adjusted for fully-leased investment properties $ 2,531,768  $ 2,581,440  $ 2,434,749 
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