COPT Defense Properties (Form 8-K)

OVERVIEW						Summary Description			1
						Equity Research Coverage			2
						Selected Financial Summary Data			3
						Selected Portfolio Data			5
FINANCIAL STATEMENTS						Consolidated Balance Sheets			6
						Consolidated Statements of Operations			7
						Funds from Operations			8
						Diluted Share + Unit Computations			9
						Adjusted Funds from Operations			10
						EBITDAre + Adjusted EBITDA			11
PORTFOLIO INFORMATION						Properties by Segment			12
						Consolidated Real Estate Revenues + NOI by Segment			13
						Cash NOI by Segment			14
						NOI from Real Estate Operations + Occupancy by Property Grouping			15
						Same Property Average Occupancy Rates by Segment			16
						Same Property Period End Occupancy Rates by Segment			16
						Same Property Real Estate Revenues + NOI by Segment			17
						Same Property Cash NOI by Segment			18
						Leasing			19
						Lease Expiration Analysis			20
						2026 Defense/IT Portfolio Quarterly Lease Expiration Analysis			22
						Top 20 Tenants			23
INVESTING ACTIVITY						Summary of Development Projects			24
						Summary of Land Owned/Controlled			25
			CAPITALIZATION						Capitalization Overview			26
						Summary of Outstanding Debt			27
						Debt Analysis			29
						Consolidated Real Estate Joint Ventures			30
						Unconsolidated Real Estate Joint Ventures			31									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.
RECONCILIATIONS + DEFINITIONS						Supplementary Reconciliations of Non-GAAP Measures			32
						Definitions			35
EARNINGS RELEASE									i

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 | [email protected]
Anthony Mifsud, EVP + CFO
						Michelle Layne, Senior Manager
						443.285.5452 | [email protected]

CORPORATE CREDIT RATING

Fitch: BBB- Stable | Moody's: Baa2 Stable | S&P: BBB- Stable