Document

Exhibit 99.1

COPT Defense Properties

Supplemental Information + Earnings Release - Unaudited

For the Period Ended 6/30/24



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	21
	2024 Defense/IT Portfolio Quarterly Lease Expiration Analysis	23
	Top 20 Tenants	24


INVESTING ACTIVITY	Operating Property Acquisition	25
	Summary of Development Projects	26

	Development Placed in Service	27
	Summary of Land Owned/Controlled	28


CAPITALIZATION	Capitalization Overview	29
	Summary of Outstanding Debt	30
	Debt Analysis	32
	Consolidated Real Estate Joint Ventures	33
	Unconsolidated Real Estate Joint Ventures	34	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	35
	Definitions	38

EARNINGS RELEASE		i

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 June 30, 2024, our Defense/IT Portfolio of 193 properties, including 24 owned through unconsolidated joint ventures, encompassed 22.0 million square feet and was 96.7% leased.

MANAGEMENT

Stephen E. Budorick, President + CEO

INVESTOR RELATIONS

Venkat Kommineni, VP

Britt A. Snider, EVP + COO

443.285.5587 | venkat.kommineni@copt.com

Anthony Mifsud, EVP + CFO

Michelle Layne, Manager

443.285.5452 | michelle.layne@copt.com

CORPORATE CREDIT RATING

Fitch: BBB- Stable | Moody’s: Baa3 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, 2023.


1			2Q 2024 Supplemental Information Package

COPT Defense Properties

Equity Research Coverage

Firm

Senior Analyst

Phone

Bank of America Securities

Camille Bonnel

416.369.2140

camille.bonnel@bofa.com

BTIG

Tom Catherwood

212.738.6410

tcatherwood@btig.com

Citigroup Global Markets

Michael Griffin

212.816.5871

michael.a.griffin@citi.com

Evercore ISI

Steve Sakwa

212.446.9462

steve.sakwa@evercoreisi.com

Green Street

Dylan Burzinski

949.640.8780

dburzinski@greenstreet.com

Jefferies & Co.

Peter Abramowitz

212.336.7241

pabramowitz@jefferies.com

JP Morgan

Tony Paolone

212.622.6682

anthony.paolone@jpmorgan.com

Raymond James

Bill Crow

727.567.2594

bill.crow@raymondjames.com

Truist Securities

Michael Lewis

212.319.5659

michael.r.lewis@truist.com

Wedbush Securities

Richard Anderson

212.938.9949

richard.anderson@wedbush.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			2Q 2024 Supplemental Information Package

COPT Defense Properties

Selected Financial Summary Data

(in thousands, except per share data)



	Page	Three Months Ended										Six Months Ended
SUMMARY OF RESULTS	Refer.	6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		6/30/24		6/30/23
Net income (loss)	7	$	36,407	$	33,671	$	34,820	$	(221,207)	$	31,642	$	70,078	$	112,040
NOI from real estate operations	13	$	105,410	$	101,657	$	98,656	$	96,494	$	95,024	$	207,067	$	188,927
Same Property NOI	17	$	98,672	$	95,403	$	94,854	$	95,039	$	94,223	$	194,075	$	186,946
Same Property cash NOI	18	$	97,614	$	91,619	$	89,493	$	88,793	$	87,989	$	189,233	$	174,380
Adjusted EBITDA	11	$	98,592	$	95,841	$	93,934	$	90,260	$	89,044	$	194,433	$	176,487

FFO per NAREIT	8	$	75,346	$	72,799	$	72,360	$	70,016	$	70,033	$	148,145	$	138,849
Diluted AFFO avail. to common share and unit holders	10	$	61,435	$	59,269	$	54,280	$	64,122	$	46,003	$	120,705	$	84,619
Dividend per common share	N/A	$	0.295	$	0.295	$	0.285	$	0.285	$	0.285	$	0.59	$	0.57

Per share - diluted:
EPS	9	$	0.31	$	0.29	$	0.30	$	(1.94)	$	0.27	$	0.60	$	0.96
FFO - Nareit	9	$	0.64	$	0.62	$	0.62	$	0.60	$	0.60	$	1.27	$	1.19
FFO - as adjusted for comparability	9	$	0.64	$	0.62	$	0.62	$	0.60	$	0.60	$	1.27	$	1.19

Numerators for diluted per share amounts:
Diluted EPS	7	$	35,022	$	32,480	$	33,552	$	(217,179)	$	30,138	$	67,508	$	108,602
Diluted FFO available to common share and unit holders	8	$	74,280	$	71,892	$	70,913	$	68,512	$	68,323	$	146,173	$	135,974
Diluted FFO available to common share and unit holders, as adjusted for comparability	8	$	74,360	$	71,969	$	71,100	$	68,593	$	68,569	$	146,330	$	136,220


3			2Q 2024 Supplemental Information Package

COPT Defense Properties

Selected Financial Summary Data (continued)

(in thousands, except ratios)


	Page	As of or for Three Months Ended										As of and for Six Months Ended
PAYOUT RATIOS AND CAPITALIZATION	Refer.	6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		6/30/24	6/30/23
GAAP
Payout ratio:
Net income	N/A	93.1%		100.7%		93.7%		N/A		103.1%		96.8%	58.3%

Capitalization and debt ratios:
Total assets	6	$	4,219,338	$	4,232,895	$	4,246,966	$	4,239,257	$	4,246,346

Total equity	6	$	1,530,506	$	1,526,046	$	1,523,755	$	1,525,873	$	1,776,695
Debt per balance sheet	6	$	2,389,925	$	2,416,873	$	2,416,287	$	2,415,783	$	2,176,174
Debt to assets	32	56.6%		57.1%		56.9%		57.0%		51.2%		N/A	N/A
Net income to interest expense ratio	32	1.8x		1.6x		1.7x		N/A		1.9x		1.7x	3.4x
Debt to net income ratio	32	16.4x		17.9x		17.3x		N/A		17.2x		N/A	N/A

Non-GAAP
Payout ratios:
Diluted FFO	N/A	45.3%		46.8%		45.7%		47.3%		47.5%		46.0%	47.7%
Diluted FFO - as adjusted for comparability	N/A	45.3%		46.7%		45.6%		47.3%		47.3%		46.0%	47.6%
Diluted AFFO	N/A	54.8%		56.8%		59.7%		50.6%		70.5%		55.8%	76.6%


Capitalization and debt ratios:
Total Market Capitalization	29	$	5,289,664	$	5,218,681	$	5,377,815	$	5,172,058	$	4,914,516
Total Equity Market Capitalization	29	$	2,873,744	$	2,774,450	$	2,932,815	$	2,726,295	$	2,717,000
Net debt	37	$	2,367,180	$	2,372,747	$	2,328,941	$	2,293,005	$	2,234,633
Net debt to adjusted book	32	40.5%		40.9%		40.6%		40.5%		38.4%		N/A	N/A



Adjusted EBITDA fixed charge coverage ratio	32	4.7x		4.5x		4.4x		4.6x		4.9x		4.6x	5.0x

Net debt to in-place adj. EBITDA ratio	32	6.0x		6.1x		6.1x		6.2x		6.3x		N/A	N/A

Net debt adjusted for fully-leased development to in-place adj. EBITDA ratio	32	5.9x		6.0x		6.0x		5.9x		5.7x		N/A	N/A


4			2Q 2024 Supplemental Information Package

COPT Defense Properties

Selected Portfolio Data (1)


	6/30/24		3/31/24		12/31/23		9/30/23		6/30/23
# of Properties
Total Portfolio	201		201		198		196		194
Consolidated Portfolio	177		177		174		172		170
Defense/IT Portfolio	193		193		190		188		186
Same Property	189		189		189		189		189

% Occupied
Total Portfolio	93.6	%	93.6	%	94.2	%	94.1	%	93.4	%
Consolidated Portfolio	92.2	%	92.2	%	92.9	%	92.7	%	91.9	%
Defense/IT Portfolio	95.5	%	95.6	%	96.2	%	95.9	%	95.3	%
Same Property	93.5	%	93.5	%	93.8	%	93.8	%	93.3	%

% Leased
Total Portfolio	94.9	%	94.9	%	95.3	%	95.1	%	94.9	%
Consolidated Portfolio	93.8	%	93.8	%	94.3	%	94.0	%	93.7	%
Defense/IT Portfolio	96.7	%	96.8	%	97.2	%	97.0	%	96.8	%
Same Property	95.0	%	95.0	%	95.1	%	94.9	%	94.7	%

Square Feet (in thousands)
Total Portfolio	24,135		24,137		23,859		23,479		23,035
Consolidated Portfolio	19,839		19,841		19,563		19,184		18,740
Defense/IT Portfolio	21,993		21,993		21,719		21,339		20,895
Same Property	22,224		22,224		22,224		22,224		22,224

(1)Except for the Consolidated Portfolio, includes properties owned through unconsolidated real estate joint ventures (see page 34).


5			2Q 2024 Supplemental Information Package

COPT Defense Properties

Consolidated Balance Sheets

(in thousands)


	6/30/24		3/31/24		12/31/23		9/30/23		6/30/23
Assets
Properties, net:
Operating properties, net	$	3,257,822	$	3,272,452	$	3,246,806	$	3,148,434	$	3,272,670
Development and redevelopment in progress, including land (1)	106,709		76,931		82,972		141,854		206,130
Land held (1)	171,062		168,495		173,900		177,909		193,435
Total properties, net	3,535,593		3,517,878		3,503,678		3,468,197		3,672,235
Property - operating right-of-use assets	40,899		40,368		41,296		40,487		41,652


Cash and cash equivalents	100,443		123,144		167,820		204,238		14,273
Investment in unconsolidated real estate joint ventures	40,148		40,597		41,052		41,495		41,928
Accounts receivable, net	46,963		50,088		48,946		40,211		47,363
Deferred rent receivable	156,123		153,788		149,237		142,041		136,382
Lease incentives, net	63,744		61,150		61,331		60,506		59,541
Deferred leasing costs, net	72,156		70,902		70,057		68,033		69,218
Investing receivables, net	84,087		82,523		81,512		87,535		86,708


Prepaid expenses and other assets, net	79,182		92,457		82,037		86,514		77,046
Total assets	$	4,219,338	$	4,232,895	$	4,246,966	$	4,239,257	$	4,246,346
Liabilities and equity
Liabilities:
Debt	$	2,389,925	$	2,416,873	$	2,416,287	$	2,415,783	$	2,176,174
Accounts payable and accrued expenses	122,202		111,981		133,315		135,605		135,784
Rents received in advance and security deposits	33,485		37,557		35,409		32,063		32,021
Dividends and distributions payable	33,908		33,906		32,644		32,645		32,636
Deferred revenue associated with operating leases	37,199		34,019		29,049		24,590		9,199

Property - operating lease liabilities	33,818		33,141		33,931		32,940		33,923


Other liabilities	15,530		16,406		18,996		17,936		27,699
Total liabilities	2,666,067		2,683,883		2,699,631		2,691,562		2,447,436
Redeemable noncontrolling interests	22,765		22,966		23,580		21,822		22,215
Equity:
COPT Defense’s shareholders’ equity:

Common shares	1,127		1,126		1,126		1,125		1,125
Additional paid-in capital	2,489,931		2,487,468		2,489,989		2,489,717		2,486,996
Cumulative distributions in excess of net income	(1,008,087)		(1,009,964)		(1,009,318)		(1,010,885)		(762,617)
Accumulated other comprehensive income	3,614		3,849		2,115		6,094		5,224
Total COPT Defense’s shareholders’ equity	1,486,585		1,482,479		1,483,912		1,486,051		1,730,728
Noncontrolling interests in subsidiaries:
Common units in the Operating Partnership	29,470		29,214		25,502		25,337		29,563

Other consolidated entities	14,451		14,353		14,341		14,485		16,404
Total noncontrolling interests in subsidiaries	43,921		43,567		39,843		39,822		45,967
Total equity	1,530,506		1,526,046		1,523,755		1,525,873		1,776,695
Total liabilities, redeemable noncontrolling interests and equity	$	4,219,338	$	4,232,895	$	4,246,966	$	4,239,257	$	4,246,346

(1)Refer to pages 26 and 28 for detail.


6			2Q 2024 Supplemental Information Package

COPT Defense Properties

Consolidated Statements of Operations

(in thousands)


	Three Months Ended										Six Months Ended
	6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		6/30/24		6/30/23
Revenues
Lease revenue	$	165,619	$	165,433	$	160,337	$	155,268	$	153,682	$	331,052	$	304,242
Other property revenue	1,466		1,230		1,225		1,339		1,271		2,696		2,392
Construction contract and other service revenues	20,258		26,603		18,167		11,949		14,243		46,861		30,063
Total revenues	187,343		193,266		179,729		168,556		169,196		380,609		336,697
Operating expenses
Property operating expenses	63,410		66,746		64,577		61,788		61,600		130,156		121,020
Depreciation and amortization associated with real estate operations	38,161		38,351		36,735		37,620		37,600		76,512		74,595
Construction contract and other service expenses	19,612		26,007		17,167		11,493		13,555		45,619		28,756
Impairment losses	—		—		—		252,797		—		—		—
General and administrative expenses	8,591		8,378		8,240		7,582		7,287		16,969		15,283
Leasing expenses	2,462		2,187		2,308		2,280		2,345		4,649		4,344
Business development expenses and land carry costs	979		1,182		797		714		726		2,161		1,221
Total operating expenses	133,215		142,851		129,824		374,274		123,113		276,066		245,219
Interest expense	(20,617)		(20,767)		(20,383)		(17,798)		(16,519)		(41,384)		(32,961)
Interest and other income, net	2,884		4,122		5,659		2,529		2,143		7,006		4,399
Gain on sales of real estate	—		—		—		—		14		—		49,392



Income (loss) before equity in income (loss) of unconsolidated entities and income taxes	36,395		33,770		35,181		(220,987)		31,721		70,165		112,308
Equity in income (loss) of unconsolidated entities	26		69		(240)		(68)		111		95		47
Income tax expense	(14)		(168)		(121)		(152)		(190)		(182)		(315)


Net income (loss)	36,407		33,671		34,820		(221,207)		31,642		70,078		112,040
Net (income) loss attributable to noncontrolling interests:
Common units in the Operating Partnership	(694)		(608)		(576)		3,691		(516)		(1,302)		(1,809)

Other consolidated entities	(599)		(454)		(592)		1,329		(839)		(1,053)		(1,165)



Net income (loss) attributable to common shareholders	$	35,114	$	32,609	$	33,652	$	(216,187)	$	30,287	$	67,723	$	109,066
Amount allocable to share-based compensation awards	(92)		(129)		(100)		(992)		(98)		(215)		(349)
Redeemable noncontrolling interests	—		—		—		—		(51)		—		(115)


Numerator for diluted EPS	$	35,022	$	32,480	$	33,552	$	(217,179)	$	30,138	$	67,508	$	108,602


7			2Q 2024 Supplemental Information Package

COPT Defense Properties

Funds from Operations

(in thousands)


	Three Months Ended										Six Months Ended
	6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		6/30/24		6/30/23
Net income (loss)	$	36,407	$	33,671	$	34,820	$	(221,207)	$	31,642	$	70,078	$	112,040
Real estate-related depreciation and amortization	38,161		38,351		36,735		37,620		37,600		76,512		74,595
Impairment losses on real estate	—		—		—		252,797		—		—		—
Gain on sales of real estate	—		—		—		—		(14)		—		(49,392)
Depreciation and amortization on unconsolidated real estate JVs (1)	778		777		805		806		805		1,555		1,606


FFO - per Nareit (2)	75,346		72,799		72,360		70,016		70,033		148,145		138,849



FFO allocable to other noncontrolling interests (3)	(984)		(836)		(972)		(1,059)		(1,239)		(1,820)		(1,947)
Basic FFO allocable to share-based compensation awards	(599)		(587)		(513)		(481)		(480)		(1,186)		(946)
Basic FFO available to common share and common unit holders (2)	73,763		71,376		70,875		68,476		68,314		145,139		135,956

Redeemable noncontrolling interests	471		469		—		—		(28)		940		(58)
Diluted FFO adjustments allocable to share-based compensation awards	46		47		38		36		37		94		76
Diluted FFO available to common share and common unit holders - per Nareit (2)	74,280		71,892		70,913		68,512		68,323		146,173		135,974






Executive transition costs	81		77		188		82		248		158		248




Diluted FFO comparability adjustments allocable to share-based compensation awards	(1)		—		(1)		(1)		(2)		(1)		(2)
Diluted FFO available to common share and common unit holders, as adjusted for comparability (2)	$	74,360	$	71,969	$	71,100	$	68,593	$	68,569	$	146,330	$	136,220

(1)See page 34 for additional disclosure regarding our unconsolidated real estate JVs.

(2)Refer to the section entitled “Definitions” for a definition of this measure.

(3)Pertains to noncontrolling interests in consolidated real estate JVs reported on page 33.


8			2Q 2024 Supplemental Information Package

COPT Defense Properties

Diluted Share + Unit Computations

(in thousands, except per share data)


	Three Months Ended										Six Months Ended
	6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		6/30/24		6/30/23
EPS Denominator:
Weighted average common shares - basic	112,293		112,231		112,199		112,196		112,188		112,261		112,157
Dilutive effect of share-based compensation awards	492		509		432		—		426		501		418

Dilutive effect of redeemable noncontrolling interests	—		—		—		—		62		—		77


Weighted average common shares - diluted	112,785		112,740		112,631		112,196		112,676		112,762		112,652
Diluted EPS	$	0.31	$	0.29	$	0.30	$	(1.94)	$	0.27	$	0.60	$	0.96

Weighted Average Shares for period ended:
Common shares	112,293		112,231		112,199		112,196		112,188		112,261		112,157
Dilutive effect of share-based compensation awards	492		509		432		429		426		501		418
Common units	1,703		1,625		1,514		1,520		1,514		1,664		1,502


Redeemable noncontrolling interests	926		947		—		—		62		937		77




Denominator for diluted FFO per share and as adjusted for comparability	115,414		115,312		114,145		114,145		114,190		115,363		114,154
Weighted average common units	(1,703)		(1,625)		(1,514)		(1,520)		(1,514)		(1,664)		(1,502)
Redeemable noncontrolling interests	(926)		(947)		—		—		—		(937)		—
Dilutive effect of additional share-based compensation awards	—		—		—		(429)		—		—		—

Denominator for diluted EPS	112,785		112,740		112,631		112,196		112,676		112,762		112,652
Diluted FFO per share - Nareit (1)	$	0.64	$	0.62	$	0.62	$	0.60	$	0.60	$	1.27	$	1.19
Diluted FFO per share - as adjusted for comparability (1)	$	0.64	$	0.62	$	0.62	$	0.60	$	0.60	$	1.27	$	1.19

(1)Refer to the section entitled “Definitions” for a definition of this measure.


9			2Q 2024 Supplemental Information Package

COPT Defense Properties

Adjusted Funds from Operations

(in thousands)


	Three Months Ended										Six Months Ended
	6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		6/30/24		6/30/23
Diluted FFO available to common share and common unit holders, as adjusted for comparability (1)	$	74,360	$	71,969	$	71,100	$	68,593	$	68,569	$	146,330	$	136,220
Straight line rent adjustments and lease incentive amortization	3,788		3,473		313		12,882		(3,161)		7,261		(6,677)
Amortization of intangibles and other assets included in NOI	211		122		26		26		17		333		(2)
Share-based compensation, net of amounts capitalized	2,564		2,645		2,318		2,280		2,213		5,209		3,946
Amortization of deferred financing costs	681		685		681		639		628		1,366		1,260
Amortization of net debt discounts, net of amounts capitalized	1,023		1,014		1,004		750		622		2,037		1,240

Replacement capital expenditures (1)	(21,250)		(20,776)		(21,498)		(21,122)		(22,664)		(42,026)		(50,874)
Other	58		137		336		74		(221)		195		(494)
Diluted AFFO available to common share and common unit holders (“diluted AFFO”) (1)	$	61,435	$	59,269	$	54,280	$	64,122	$	46,003	$	120,705	$	84,619

Replacement capital expenditures (1)
Tenant improvements and incentives	$	15,045	$	12,776	$	7,850	$	14,457	$	32,619	$	27,821	$	52,605
Building improvements	5,705		4,953		14,762		6,307		2,766		10,658		4,907
Leasing costs	3,110		3,590		2,440		1,902		3,542		6,700		5,292
Net additions to (exclusions from) tenant improvements and incentives	(1,040)		316		(189)		(813)		(16,007)		(724)		(11,168)
Excluded building improvements and leasing costs	(1,570)		(859)		(3,365)		(731)		(256)		(2,429)		(762)


Replacement capital expenditures	$	21,250	$	20,776	$	21,498	$	21,122	$	22,664	$	42,026	$	50,874

(1)Refer to the section entitled “Definitions” for a definition of this measure.


10			2Q 2024 Supplemental Information Package

COPT Defense Properties

EBITDAre + Adjusted EBITDA

(in thousands)


	Three Months Ended										Six Months Ended
	6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		6/30/24		6/30/23
Net income (loss)	$	36,407	$	33,671	$	34,820	$	(221,207)	$	31,642	$	70,078	$	112,040
Interest expense	20,617		20,767		20,383		17,798		16,519		41,384		32,961
Income tax expense	14		168		121		152		190		182		315
Real estate-related depreciation and amortization	38,161		38,351		36,735		37,620		37,600		76,512		74,595
Other depreciation and amortization	564		608		619		615		609		1,172		1,211
Impairment losses on real estate	—		—		—		252,797		—		—		—
Gain on sales of real estate	—		—		—		—		(14)		—		(49,392)

Adjustments from unconsolidated real estate JVs	1,709		1,671		1,911		1,743		1,559		3,380		3,263
EBITDAre (1)	97,472		95,236		94,589		89,518		88,105		192,708		174,993
Credit loss expense (recoveries)	436		22		(1,288)		372		238		458		305
Business development expenses	603		630		445		313		394		1,233		635


Executive transition costs	81		430		188		82		307		511		554



Net gain on other investments	—		(477)		—		(25)		—		(477)		—
Adjusted EBITDA (1)	98,592		95,841		93,934		90,260		89,044		$	194,433	$	176,487
Pro forma NOI adjustment for property changes within period	—		813		1,341		1,647		56
Change in collectability of deferred rental revenue	27		—		(198)		—		28

In-place adjusted EBITDA (1)	$	98,619	$	96,654	$	95,077	$	91,907	$	89,128

(1)Refer to the section entitled “Definitions” for a definition of this measure.


11			2Q 2024 Supplemental Information Package

COPT Defense Properties

Properties by Segment - 6/30/24

(square feet in thousands)


	# of Properties	Operational Square Feet	% Occupied	% Leased

Defense/IT Portfolio:
Fort Meade/Baltimore Washington (“BW”) Corridor:
National Business Park	34	4,292	98.9%	99.4%
Howard County	36	3,064	91.0%	92.5%
Other	23	1,725	93.2%	96.6%
Total Fort Meade/BW Corridor	93	9,081	95.2%	96.5%
Northern Virginia (“NoVA”) Defense/IT	16	2,500	89.2%	93.0%
Lackland AFB (San Antonio, Texas)	8	1,062	100.0%	100.0%
Navy Support	22	1,273	84.5%	85.7%
Redstone Arsenal (Huntsville, Alabama)	24	2,374	96.8%	97.7%
Data Center Shells:
Consolidated Properties	6	1,408	100.0%	100.0%
Unconsolidated JV Properties (1)	24	4,295	100.0%	100.0%
Total Defense/IT Portfolio	193	21,993	95.5%	96.7%

Other	8	2,142	73.4%	76.8%
Total Portfolio	201	24,135	93.6%	94.9%
Consolidated Portfolio	177	19,839	92.2%	93.8%

(1)See page 34 for additional disclosure regarding our unconsolidated real estate JVs.

(2)Refer to the section entitled “Definitions” for a definition of this measure.


12			2Q 2024 Supplemental Information Package

COPT Defense Properties

Consolidated Real Estate Revenues + NOI by Segment

(in thousands)


	Three Months Ended										Six Months Ended
	6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		6/30/24		6/30/23
Consolidated real estate revenues
Defense/IT Portfolio:
Fort Meade/BW Corridor	$	77,715	$	78,068	$	74,758	$	73,350	$	72,176	$	155,783	$	141,953
NoVA Defense/IT	20,601		21,426		20,410		20,333		19,841		42,027		39,670
Lackland Air Force Base	16,447		16,411		17,861		16,193		17,595		32,858		33,200
Navy Support	8,240		8,226		8,405		8,190		8,118		16,466		16,043
Redstone Arsenal	17,017		16,808		14,971		13,768		12,978		33,825		26,392
Data Center Shells-Consolidated	9,600		8,457		7,654		6,811		6,287		18,057		12,979
Total Defense/IT Portfolio	149,620		149,396		144,059		138,645		136,995		299,016		270,237
Other	17,465		17,267		17,503		17,962		17,958		34,732		36,397
Consolidated real estate revenues (1)	$	167,085	$	166,663	$	161,562	$	156,607	$	154,953	$	333,748	$	306,634

NOI from real estate operations (2)
Defense/IT Portfolio:
Fort Meade/BW Corridor	$	53,078	$	50,178	$	48,894	$	48,134	$	47,988	$	103,256	$	93,245
NoVA Defense/IT	11,671		12,164		11,972		12,433		12,158		23,835		24,415
Lackland Air Force Base	7,650		7,723		7,708		7,626		7,644		15,373		15,304
Navy Support	4,607		4,600		4,783		4,257		4,602		9,207		8,984
Redstone Arsenal	11,296		11,016		10,157		8,820		8,228		22,312		17,006
Data Center Shells:
Consolidated properties	7,509		7,514		6,966		6,133		5,544		15,023		11,642
COPT Defense’s share of unconsolidated real estate JVs	1,735		1,740		1,671		1,675		1,671		3,475		3,313
Total Defense/IT Portfolio	97,546		94,935		92,151		89,078		87,835		192,481		173,909
Other	7,864		6,722		6,505		7,416		7,189		14,586		15,018
NOI from real estate operations (1)	$	105,410	$	101,657	$	98,656	$	96,494	$	95,024	$	207,067	$	188,927

(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			2Q 2024 Supplemental Information Package

COPT Defense Properties

Cash NOI by Segment

(in thousands)


	Three Months Ended										Six Months Ended
	6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		6/30/24		6/30/23
Cash NOI from real estate operations (1)
Defense/IT Portfolio:
Fort Meade/BW Corridor	$	51,017	$	47,117	$	46,173	$	45,513	$	45,727	$	98,134	$	89,389
NoVA Defense/IT	12,452		12,933		12,881		12,765		12,642		25,385		24,065
Lackland Air Force Base	8,124		8,186		8,114		7,913		7,919		16,310		15,834
Navy Support	4,656		4,503		5,008		4,621		4,911		9,159		9,934
Redstone Arsenal	9,034		6,308		4,869		4,861		3,707		15,342		8,695
Data Center Shells:
Consolidated properties	6,748		6,688		5,868		4,904		4,918		13,436		10,297
COPT Defense’s share of unconsolidated real estate JVs	1,481		1,477		1,400		1,396		1,385		2,958		2,736
Total Defense/IT Portfolio	93,512		87,212		84,313		81,973		81,209		180,724		160,950
Other	7,869		6,723		6,536		7,400		7,350		14,592		14,933
Cash NOI from real estate operations (2)	$	101,381	$	93,935	$	90,849	$	89,373	$	88,559	$	195,316	$	175,883

(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.


14			2Q 2024 Supplemental Information Package

COPT Defense Properties

NOI from Real Estate Operations + Occupancy by Property Grouping - 6/30/24

(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		Six Months Ended
Defense/IT Portfolio:
Same Property: (2)
Consolidated properties	160	16,535	94.7%	96.2%	$	559,249	84.5	%	$	89,617	$	177,204
Unconsolidated real estate JV	21	3,547	100.0%	100.0%	5,851		0.9	%	1,295		2,596
Total Same Property in Defense/IT Portfolio	181	20,082	95.7%	96.9%	565,100		85.4	%	90,912		179,800
Properties Placed in Service (4)	8	961	97.7%	98.2%	24,999		3.8	%	5,824		11,356
Other unconsolidated JV properties (5)	3	748	100.0%	100.0%	1,368		0.2	%	440		884
Acquired property (6)	1	202	55.6%	55.6%	4,074		0.6	%	370		441
Total Defense/IT Portfolio	193	21,993	95.5%	96.7%	595,541		90.0	%	97,546		192,481



Other	8	2,142	73.4%	76.8%	66,537		10.0	%	7,864		14,586
Total Portfolio	201	24,135	93.6%	94.9%	$	662,078	100.0	%	$	105,410	$	207,067
Consolidated Portfolio	177	19,839	92.2%	93.8%	$	654,858	98.9	%	$	103,675	$	203,592

(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 1/1/23.

(5)Includes three data center shell properties in which we sold ownership interests and retained 10% interests through unconsolidated real estate JVs in 2023.

(6)Includes an office property acquired on 3/15/24.


15			2Q 2024 Supplemental Information Package

COPT Defense Properties

Same Property (1) Average Occupancy Rates by Segment

(square feet in thousands)


	# of Properties	Operational Square Feet	Three Months Ended										Six Months Ended
			6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		6/30/24		6/30/23

Defense/IT Portfolio:
Fort Meade/BW Corridor	91	8,693	96.1	%	96.2	%	96.2	%	95.8	%	94.8	%	96.1	%	93.9	%
NoVA Defense/IT	16	2,500	88.5	%	87.9	%	88.5	%	89.8	%	89.9	%	88.2	%	90.2	%
Lackland Air Force Base	8	1,062	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0