COPT Defense Reports Strong Full Year 2025 Results

EPS of $1.34 for Full Year

FFO per Share, as Adjusted for Comparability, of $2.72

Increased 5.8% Over 2024 Results

7^th Consecutive Year of FFO per Share Growth

For the year, Same Property Cash NOI Increased 4.1%

Solid Occupancy and Leased Levels

Total Portfolio 94.0% Occupied and 95.3% Leased

Defense/IT Portfolio 95.5% Occupied and 96.5% Leased

Excellent Leasing Performance in 2025

Total Leasing of 3.1 million SF

Vacancy Leasing of 557,000 SF

Exceeded Initial Annual Target by Nearly 40%

Tenant Retention of 78%

Investment Leasing of 477,000 SF

Exceeded Capital Deployment Guidance in 2025

Committed $278 million of Capital to 5 New Investments that are 81% Pre-Leased

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

Management Comments

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

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

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

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

Financial Highlights

4th Quarter Financial Results:

Diluted earnings per share (“EPS”) was $0.33 for the quarter ended December 31, 2025, compared to $0.31 for the quarter ended December 31, 2024.
Diluted funds from operations per share (“FFOPS”), as calculated in accordance with Nareit’s definition and as adjusted for comparability, was $0.70 for the quarter ended December 31, 2025, compared to FFOPS per Nareit of $0.64 and FFOPS, as adjusted for comparability of $0.65 for the quarter ended December 31, 2024.

Full Year 2025 Financial Results:

EPS for the year ended December 31, 2025 was $1.34 as compared to $1.23 for 2024.
Per Nareit’s definition and as adjusted for comparability, FFOPS for 2025 was $2.72 as compared to $2.57 for 2024.

Operating Performance Highlights

Operating Portfolio Summary:

At December 31, 2025, the Company’s 25.1 million square foot total portfolio was 94.0% occupied and 95.3% leased, which includes the 23.2 million square foot Defense/IT Portfolio that was 95.5% occupied and 96.5% leased.
During the quarter and year ended December 31, 2025, the Company placed into service 418,000 and 468,000 square feet, respectively, of developments that were 100% leased.

Same Property Performance:

At December 31, 2025, the Company’s 23.9 million square foot Same Property portfolio was 94.2% occupied and 95.3% leased.
The Company’s Same Property cash NOI increased 2.6% and 4.1% in the quarter and year ended December 31, 2025, respectively, compared to the same periods in 2024.

Leasing:

Total Square Feet Leased: For the quarter ended December 31, 2025, the Company leased 735,000 square feet, including 336,000 square feet of renewals, 125,000 square feet of vacancy leasing, and 274,000 square feet of investment leasing. For the year ended December 31, 2025, the Company executed 3.1 million square feet of total leasing, including 2.0 million square feet of renewals, 557,000 square feet of vacancy leasing, and 477,000 square feet of investment leasing.
Tenant Retention Rates: During the quarter ended December 31, 2025, the Company renewed 62.5% of expiring square feet in its total portfolio. During the year ended December 31, 2025, the Company renewed 77.9% of expiring square feet in its total portfolio.
Rent Spreads and Average Escalations on Renewing Leases: For the quarter and year ended December 31, 2025, straight-line rents on renewals increased 3.4% and 9.6%, respectively, and cash rents on renewed space decreased 5.2% and increased 1.1%, respectively, while annual escalations on renewing leases averaged 2.5% and 2.0%, respectively.
Lease Terms: In the quarter ended December 31, 2025, lease terms averaged 6.1 years on renewing leases, 6.9 years on vacancy leasing, and 14.5 years on investment leasing. For the year ended December 31, 2025, lease terms averaged 5.3 years on renewing leases, 7.6 years on vacancy leasing, and 13.1 years on investment leasing.

Investment Activity Highlights

Development Pipeline: The Company’s development pipeline consists of six properties totaling 882,000 square feet that were 86% leased as of February 4, 2026. These projects represent a total estimated investment of $448 million, of which $110 million was spent as of December 31, 2025.
Acquisition: On October 30, 2025, the Company acquired Stonegate I at 15050 Conference Center Drive in Chantilly, Virginia, a 142,000 square foot Class A office building for a gross purchase price of $40 million. The building is fully leased to a top 20 U.S. Government defense contractor.
- Please see the Company’s acquisition press release dated October 30, 2025.

Balance Sheet and Capital Transaction Highlights

On October 2, 2025, the Company issued $400 million of 4.50% Senior Notes due 2030. The Company intends to use the net proceeds to repay the 2.25% Senior Notes at maturity in March 2026. Until March, the proceeds are being used for general corporate purposes, including paying down amounts under its Revolving Credit Facility and investment in interest-bearing accounts.
On October 6, 2025, the Company entered into an amendment to the credit agreement underlying its Revolving Credit Facility (the “Revolver”) and Unsecured Bank Term Loan (the “Term Loan”). This amendment: increased the aggregate lender commitment under the Revolver from $600 million to $800 million; extended the maturity date of the Revolver from October 2026 to October 2029, which may be extended by two six-month periods at the Company’s option; reduced the initial interest rate on the Revolver to SOFR + 0.85% and on the Term Loan to SOFR + 1.05%; and eliminated the 0.10% SOFR transition charge.
On October 16, 2025, the Company entered into a secured revolving credit agreement with a lender for an aggregate of $200 million of available borrowings, which the Company intends to use to fund property development activities.
For the quarter ended December 31, 2025, the Company’s adjusted EBITDA fixed charge coverage ratio was 4.3x.
At December 31, 2025, the Company’s net debt to in-place adjusted EBITDA ratio was 5.9x and its net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio was 5.8x.
At December 31, 2025, and including the effect of interest rate swaps, the Company’s weighted average effective interest rate on its consolidated debt portfolio was 3.5% with a weighted average maturity of 4.1 years (assuming exercise of available extension options), and 100% of the Company’s debt was subject to fixed interest rates.

Associated Supplemental Presentation

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

2026 Guidance

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

Conference Call Information

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

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

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

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

Replay Information

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

Definitions

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

About COPT Defense

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

Forward-Looking Information

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

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

Source: COPT Defense Properties

COPT Defense Properties Summary Financial Data (unaudited) (dollars and shares in thousands, except per share data)

	For the Three Months Ended December 31,						For the Years Ended December 31,
	2025			2024			2025			2024
Revenues
Lease revenue	$	185,002		$	169,765		$	714,180		$	671,366
Other property revenue		1,483			1,641			7,669			6,351
Construction contract and other service revenues		10,872			12,027			42,074			75,550
Total revenues		197,357			183,433			763,923			753,267
Operating expenses
Property operating expenses		74,616			66,964			283,927			266,001
Depreciation and amortization associated with real estate operations		42,263			38,821			161,826			153,640
Construction contract and other service expenses		10,432			11,519			39,962			73,265
General and administrative expenses		7,943			8,429			32,776			33,555
Leasing expenses		2,896			2,243			10,957			9,233
Business development expenses and land carry costs		904			1,171			4,107			4,250
Total operating expenses		139,054			129,147			533,555			539,944
Interest expense		(24,324	)		(20,391	)		(86,660	)		(82,151	)
Interest and other income, net		5,301			2,331			10,683			12,661
Gain on sales of real estate		32			—			3,350			—
Loss on early extinguishment of debt		(66	)		—			(66	)		—
Income before equity in income of unconsolidated entities and income taxes		39,246			36,226			157,675			143,833
Equity in income of unconsolidated entities		265			217			2,806			397
Income tax (expense) benefit		(115	)		24			(947	)		(288	)
Net income		39,396			36,467			159,534			143,942
Net income attributable to noncontrolling interests
Common units in the Operating Partnership (“OP”)		(743	)		(681	)		(3,239	)		(2,694	)
Other consolidated entities		(1,152	)		(665	)		(3,980	)		(2,319	)
Net income attributable to common shareholders	$	37,501		$	35,121		$	152,315		$	138,929

Earnings per share (“EPS”) computation
Numerator for diluted EPS
Net income attributable to common shareholders	$	37,501		$	35,121		$	152,315		$	138,929
Amount allocable to share-based compensation awards		(113	)		(103	)		(435	)		(421	)
Numerator for diluted EPS	$	37,388		$	35,018		$	151,880		$	138,508
Denominator
Weighted average common shares - basic		112,733			112,347			112,516			112,296
Dilutive effect of share-based compensation awards		850			711			788			603
Dilutive exchangeable debt		—			664			—			—
Weighted average common shares - diluted		113,583			113,722			113,304			112,899
Diluted EPS	$	0.33		$	0.31		$	1.34		$	1.23

COPT Defense Properties Summary Financial Data (unaudited) (in thousands, except per share data)

	For the Three Months Ended December 31,						For the Years Ended December 31,
	2025			2024			2025			2024
Net income	$	39,396		$	36,467		$	159,534		$	143,942
Real estate-related depreciation and amortization		42,263			38,821			161,826			153,640
Gain on sales of real estate		(32	)		—			(3,350	)		—
Depreciation and amortization on unconsolidated real estate JVs		744			745			2,950			3,056
Funds from operations (“FFO”)		82,371			76,033			320,960			300,638
FFO allocable to other noncontrolling interests		(1,524	)		(1,050	)		(5,566	)		(3,855	)
Basic FFO allocable to share-based compensation awards		(543	)		(614	)		(2,171	)		(2,417	)
Basic FFO available to common share and common unit holders (“Basic FFO”)		80,304			74,369			313,223			294,366
Redeemable noncontrolling interest		—			—			—			1,963
Diluted FFO adjustments allocable to share-based compensation awards		54			47			387			188
Diluted FFO available to common share and common unit holders (“Diluted FFO”)		80,358			74,416			313,610			296,517
Loss on early extinguishment of debt		66			—			66			—
Loss on early extinguishment of debt on unconsolidated real estate JVs		—			—			28			—
Executive transition costs		—			58			—			285
Diluted FFO comparability adjustments allocable to share-based compensation awards		—			(1	)		—			(2	)
Diluted FFO available to common share and common unit holders, as adjusted for comparability		80,424			74,473			313,704			296,800
Straight line rent adjustments and lease incentive amortization		3,634			2,950			5,152			10,824
Amortization of intangibles and other assets included in net operating income (“NOI”)		(384	)		211			(116	)		755
Share-based compensation, net of amounts capitalized		2,954			2,617			11,693			10,443
Amortization of deferred financing costs		817			671			2,798			2,708
Amortization of net debt discounts, net of amounts capitalized		1,282			1,041			4,463			4,110
Replacement capital expenditures		(31,290	)		(34,134	)		(103,655	)		(103,984	)
Other		(228	)		73			280			566
Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”)	$	57,209		$	47,902		$	234,319		$	222,222
Diluted FFO per share	$	0.70		$	0.64		$	2.72		$	2.57
Diluted FFO per share, as adjusted for comparability	$	0.70		$	0.65		$	2.72		$	2.57
Dividends/distributions per common share/unit	$	0.305		$	0.295		$	1.22		$	1.18

COPT Defense Properties Summary Financial Data (unaudited) (dollars and shares in thousands, except per share data)

	December 31, 2025			December 31, 2024
Balance sheet data
Properties, net of accumulated depreciation	$	3,783,477		$	3,630,526
Total assets	$	4,701,790		$	4,254,191
Debt per balance sheet	$	2,767,834		$	2,391,755
Total liabilities	$	3,114,115		$	2,693,624
Redeemable noncontrolling interest	$	25,506		$	23,974
Total equity	$	1,562,169		$	1,536,593
Debt to assets		58.9	%		56.2	%
Net debt to adjusted book		40.5	%		40.4	%

Defense/IT Portfolio data (as of period end)
Number of operating properties		201			197
Total operational square feet (in thousands)		23,159			22,549
% Occupied		95.5	%		95.4	%
% Leased		96.5	%		96.7	%

	For the Three Months Ended December 31,				For the Years Ended December 31,
	2025		2024		2025		2024
GAAP
Payout ratio
Net income	89.3	%	93.0	%	88.3	%	94.2	%
Debt ratios
Net income to interest expense ratio	1.6x		1.8x		1.8x		1.8x
Debt to net income ratio	17.6x		16.4x		N/A		N/A
Non-GAAP
Payout ratios
Diluted FFO	43.5	%	45.2	%	44.7	%	45.4	%
Diluted FFO, as adjusted for comparability	43.5	%	45.2	%	44.6	%	45.4	%
Diluted AFFO	61.2	%	70.3	%	59.8	%	60.6	%
Debt ratios
Adjusted EBITDA fixed charge coverage ratio	4.3x		4.7x		4.6x		4.7x
Net debt to in-place adjusted EBITDA ratio	5.9x		6.0x		N/A		N/A
Net debt adj. for fully-leased investment properties to in-place adj. EBITDA ratio	5.8x		5.9x		N/A		N/A

Reconciliation of denominators for per share measures
Denominator for diluted EPS	113,583		113,722		113,304		112,899
Weighted average common units	1,926		1,664		2,083		1,672
Redeemable noncontrolling interest	—		—		—		842
Denominator for diluted FFO per share and as adjusted for comparability	115,509		115,386		115,387		115,413

COPT Defense Properties Summary Financial Data (unaudited) (in thousands)

	For the Three Months Ended December 31,						For the Years Ended December 31,
	2025			2024			2025			2024
Numerators for payout ratios
Dividends on unrestricted common and deferred shares	$	34,414		$	33,167		$	137,388		$	132,628
Distributions on unrestricted common units		573			491			2,558			1,987
Dividends and distributions on restricted shares and units		205			248			868			1,000
Total dividends and distributions for GAAP payout ratio		35,192			33,906			140,814			135,615
Dividends and distributions on antidilutive shares and units		(198	)		(250	)		(774	)		(1,006	)
Dividends and distributions for non-GAAP payout ratios	$	34,994		$	33,656		$	140,040		$	134,609

Reconciliation of net income to earnings before interest, income taxes, depreciation and amortization for real estate (“EBITDAre”), adjusted EBITDA and in-place adjusted EBITDA
Net income	$	39,396		$	36,467		$	159,534		$	143,942
Interest expense		24,324			20,391			86,660			82,151
Income tax expense (benefit)		115			(24	)		947			288
Real estate-related depreciation and amortization		42,263			38,821			161,826			153,640
Other depreciation and amortization		435			589			1,873			2,375
Gain on sales of real estate		(32	)		—			(3,350	)		—
Adjustments from unconsolidated real estate JVs		1,818			1,681			6,609			6,820
EBITDAre		108,319			97,925			414,099			389,216
Credit loss (recoveries) expense		(644	)		(113	)		734			383
Business development expenses		508			758			2,573			2,548
Executive transition costs		—			58			78			638
Loss on early extinguishment of debt		66			—			66			—
Loss on early extinguishment of debt on unconsolidated real estate JVs		—			—			28			—
Net gain on other investments		(26	)		—			(1,739	)		(488	)
Adjusted EBITDA		108,223			98,628		$	415,839		$	392,297
Pro forma NOI adjustment for property changes within period		1,969			528
Change in collectability of deferred rental revenue		127			1,646
In-place adjusted EBITDA	$	110,319		$	100,802

Reconciliations of tenant improvements and incentives, building improvements and leasing costs for operating properties to replacement capital expenditures
Tenant improvements and incentives	$	25,671		$	22,912		$	79,491		$	69,505
Building improvements		8,888			10,942			20,063			28,294
Leasing costs		5,008			2,629			15,638			12,342
Net exclusions from tenant improvements and incentives		(6,335	)		(7	)		(6,428	)		(3	)
Excluded building improvements		(1,942	)		(2,342	)		(4,145	)		(6,113	)
Excluded leasing costs		—			—			(964	)		(41	)
Replacement capital expenditures	$	31,290		$	34,134		$	103,655		$	103,984

COPT Defense Properties Summary Financial Data (unaudited) (in thousands)

	For the Three Months Ended December 31,						For the Years Ended December 31,
	2025			2024			2025			2024
Reconciliation of interest expense to the denominator for fixed charge coverage-Adjusted EBITDA
Interest expense	$	24,324		$	20,391		$	86,660		$	82,151
Less: Amortization of deferred financing costs		(817	)		(671	)		(2,798	)		(2,708	)
Less: Amortization of net debt discounts, net of amounts capitalized		(1,282	)		(1,041	)		(4,463	)		(4,110	)
COPT Defense’s share of interest expense of unconsolidated real estate JVs, excluding amortization of deferred financing costs and net debt premium and gain or loss on interest rate derivatives		968			872			3,377			3,305
Scheduled principal amortization		416			455			1,792			2,334
Capitalized interest		1,714			928			5,059			2,872
Denominator for fixed charge coverage-Adjusted EBITDA	$	25,323		$	20,934		$	89,627		$	83,844

Reconciliation of net income to NOI from real estate operations, same property NOI from real estate operations and same property cash NOI from real estate operations
Net income	$	39,396		$	36,467		$	159,534		$	143,942
Construction contract and other service revenues		(10,872	)		(12,027	)		(42,074	)		(75,550	)
Depreciation and other amortization associated with real estate operations		42,263			38,821			161,826			153,640
Construction contract and other service expenses		10,432			11,519			39,962			73,265
General and administrative expenses		7,943			8,429			32,776			33,555
Leasing expenses		2,896			2,243			10,957			9,233
Business development expenses and land carry costs		904			1,171			4,107			4,250
Interest expense		24,324			20,391			86,660			82,151
Interest and other income, net		(5,301	)		(2,331	)		(10,683	)		(12,661	)
Gain on sales of real estate		(32	)		—			(3,350	)		—
Loss on early extinguishment of debt		66			—			66			—
Equity in income of unconsolidated entities		(265	)		(217	)		(2,806	)		(397	)
Unconsolidated real estate JVs NOI allocable to COPT Defense included in equity in income of unconsolidated entities		2,083			1,898			7,706			7,217
Income tax expense (benefit)		115			(24	)		947			288
NOI from real estate operations		113,952			106,340			445,628			418,933
Non-Same Property NOI from real estate operations		(6,795	)		(2,521	)		(17,660	)		(5,866	)
Same Property NOI from real estate operations		107,157			103,819			427,968			413,067
Straight line rent adjustments and lease incentive amortization		3,701			5,065			7,161			8,662
Amortization of acquired above- and below-market rents		(504	)		(69	)		(734	)		(276	)
Lease termination fees, net		(859	)		(864	)		(3,612	)		(3,451	)
Tenant funded landlord assets and lease incentives		(4,798	)		(6,035	)		(17,752	)		(21,100	)
Cash NOI adjustments in unconsolidated real estate JVs		(401	)		(287	)		(1,090	)		(1,083	)
Same Property Cash NOI from real estate operations	$	104,296		$	101,629		$	411,941		$	395,819

COPT Defense Properties Summary Financial Data (unaudited) (in thousands)

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

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20260205614011/en/

IR Contacts:
Venkat Kommineni, CFA
443.285.5587
venkat.kommineni@copt.com

Michelle Layne
443.285.5452
michelle.layne@copt.com

Source: COPT Defense Properties

Released February 5, 2026

COPT Defense Reports Strong Full Year 2025 Results

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