CDP

Publishes 2026 Corporate Sustainability Report and TCFD Report COLUMBIA, Md., August 13, 2026--(BUSINESS WIRE)--COPT Defense Properties (NYSE: CDP) ("COPT Defense" or the "Company") announced today that its Board of Trustees declared a regular quarterly dividend of $0.32 per common share for the third quarter ending September 30, 2026. The third quarter 2026 dividend represents an annualized amount of $1.28 per share and is payable on October 15, 2026, to shareholders of record on September 30, 2026. In addition, the Company announced the publishing of its twelfth annual Corporate Sustainability Report, along with its fifth annual Task Force on Climate-Related Financial Disclosures ("TCFD") Report. Both reports are available in the ‘Sustainability’ section of COPT Defense’s Investor Relations website (https://investors.copt.com/) and as follows: 2026 Corporate Sustainability Report: https://d1io3yog0oux5.cloudfront.net/_fe0e574f51ce5f60449f111818f068f2/copt/files/pages/copt/db/2284/description/2026_CDP_Corporate_Sustainability_Report_.pdf 2026 TCFD Report: https://d1io3yog0oux5.cloudfront.net/_fe0e574f51ce5f60449f111818f068f2/copt/files/pages/copt/db/2284/description/2026_CDP_Corporate_Sustainability_Report_-_TCFD.pdf 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 June 30, 2026, the Company’s Defense/IT Portfolio of 202 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.3 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. Source: COPT Defense Properties View source version on businesswire.com: https://www.businesswire.com/news/home/20260813104131/en/ Contacts IR Contacts: Venkat Kommineni, [email protected] Michelle [email protected]

This article first appeared on GuruFocus. FFO per Share: $0.71, a 4.4% increase year-over-year, $0.02 above guidance midpoint. Same-Property Cash NOI Growth: Increased 7.4% year-over-year for the quarter. Vacancy Leasing: 139,000 square feet executed in Q2; 231,000 square feet in the first half of the year. Land Acquisition: $43 million invested for 17 acres in Chantilly, Virginia. Guidance Increase: FFO per share guidance midpoint increased by $0.02 to $2.78. Cash Rent Spreads on Renewals: Increased by 100 basis points to 3%. Capital Commitment to New Investments: Increased by $45 million to $335 million. Portfolio Leasing Rate: Total portfolio 95.6% leased; Defense/IT portfolio 96.4% leased. Development Pipeline: Nearly 900,000 square feet, 73% pre-leased, $450 million capital commitment. Stock Price Appreciation: 38% year-to-date increase. Warning! GuruFocus has detected 11 Warning Signs with CDP. Is CDP fairly valued? Test your thesis with our free DCF calculator. Release Date: July 28, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. COPT Defense Properties (NYSE:CDP) reported a strong financial performance with FFO per share of $0.71, exceeding guidance by $0.02 and marking a 4.4% year-over-year increase. The company achieved a 7.4% year-over-year increase in same-property cash NOI, driven by effective lease commencements and rent increases. CDP executed 139,000 square feet of vacancy leasing in the quarter, reaching nearly 60% of its full-year target, demonstrating strong leasing activity. The company increased its 2026 guidance for FFO per share, same-property cash NOI growth, and cash rent spreads on renewals, reflecting confidence in continued growth. CDP is actively expanding its development pipeline, with new projects in Huntsville and a strong demand pipeline, indicating future growth potential. The company expects growth to moderate slightly in the second half of the year due to known move-outs and nonrecurring real estate tax refunds. Despite strong performance, CDP faces $0.12 of higher financing costs year-over-year due to bond refinancing and exchangeable notes. The company has not made progress in taking control of assets related to the ground lease in Chantilly, Virginia, which could impact future expansion plans. CDP's tenant retention rate was lower this quarter at 68%, driven by strategic non-renewals, although the full-year outlook remains unchanged. The company faces challenges in the data center sector, particularly in Iowa, due to difficulties in accessing power, which may delay future leases. Q: With the increase in the base budget to $1 trillion, does this change the amount of capital COPT Defense Properties plans to deploy in future developments? A: Stephen Budorick, President and CEO, stated that the company is well-positioned to deploy capital on a low-risk basis and is prepared to increase investment if the elevated budget generates more activity, supported by a strong balance sheet. Q: Are there any changes in expectations for development yields or funding development with free cash flow versus equity? A: Stephen Budorick confirmed that the company continues to achieve initial cash yields of roughly 8.5% on new developments and has no intention of funding with new equity issuance, preferring to use free cash flow. Q: Where could additional development starts occur beyond Huntsville, given the strong demand? A: Britt Snider, COO, mentioned that beyond Huntsville, strong demand is also seen in the Fort Meade market, with potential future developments at National Business Park and College Park. Q: Is there potential upside to the incremental $45 million of development starts in Huntsville this year? A: Stephen Budorick noted that while there is a lot of activity, timing is unpredictable. The two new starts are considered inventory, and while there is confidence in leasing them quickly, it is uncertain if this will happen within the year. Q: How does the midterm election impact the momentum of defense spending, particularly for Golden Dome? A: Stephen Budorick expressed confidence that defense spending is a bipartisan issue, and irrespective of the midterm outcomes, there will be continued support for defense investments, including Golden Dome. Q: What is the outlook for tenant investment in SKIF (Sensitive Compartmented Information Facility) build-outs? A: Stephen Budorick highlighted that the demand for SKIF build-outs is increasing, with more programs requiring elevated classification levels, particularly for activities related to Golden Dome, missile defense, and space command. Q: What is the expected timeline for the completion of new developments at Redstone Gateway? A: Anthony Mifsud, CFO, stated that RG 2200 is expected to complete by October 2027 and RG 6300 by March 2028, with plans to maintain similar timelines for future projects. Q: How should we think about capital committed to new investments in the future? A: Stephen Budorick indicated that the company aims for $250 million to $300 million annually, with potential for increase if supported by future outlooks. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in COPT Defense Properties? Here are five stocks we like better. COPT Defense Properties exceeded Q2 FFO expectations, reporting $0.71 per share, up 4.4% year over year, while same-property cash NOI increased 7.4%. The company raised its 2026 outlook, increasing the midpoint of FFO guidance to $2.78 per share and lifting targets for same-property NOI growth, renewal rent growth, vacancy leasing and investment commitments. Leasing demand remains strong, supported by federal defense spending: the portfolio was 95.6% leased, Redstone Gateway development is accelerating, and management cited rising demand for secure facilities tied to cyber, missile-defense and other defense programs. COPT Defense Properties (NYSE:CDP) reported second-quarter funds from operations of $0.71 per share, exceeding the midpoint of its guidance by $0.02 and rising 4.4% from a year earlier, as the defense-focused office landlord cited leasing momentum, strong tenant retention and expanding demand tied to federal defense priorities. President and CEO Steve Budorick said the result marked the company’s 24th consecutive quarter of year-over-year FFO-per-share growth. Same-property cash net operating income rose 7.4% from the prior-year quarter, supported by lease commencements, contractual rent increases and leasing completed in prior periods. → Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit “The defense economy we serve continues to be strong and benefits from increasing investment,” Budorick said. The company increased the midpoint of its 2026 FFO guidance by $0.02 to $2.78 per share, representing projected growth of 2.2% over 2025. The revised outlook is $0.03 above COPT Defense’s initial guidance, despite higher financing costs and dilution from exchangeable notes, according to management. → This Tiny AI Supplier Could Be More Important Than the Chipmakers Executive Vice President and CFO Anthony Mifsud said the company’s FFO forecast has increased by $8 million since its initial 2026 guidance. That improvement includes $5 million of first-half outperformance and $3 million related to the Mission Ridge acquisition, additional interest income and an expected settlement with a non-defense tenant that would return inventory space in Columbia Gateway to the company. COPT Defense also raised several operating targets: Same-property cash NOI growth guidance increased by 100 basis points to a 4% midpoint. Cash rent growth on renewals increased by 100 basis points to a 3% midpoint. Its full-year vacancy leasing target rose to 475,000 square feet from 400,000 square feet. Capital commitments to new investments increased to $335 million. → 2 Stocks Built to Thrive If Inflation Refuses to Fade Mifsud said same-property NOI growth is expected to moderate in the second half, reflecting known tenant move-outs and contractions as well as the absence of certain real estate tax refunds received during the second half of 2025. The company established third- and fourth-quarter FFO-per-share guidance of $0.68 to $0.70. COPT Defense executed 139,000 square feet of vacancy leasing in the second quarter and 290,000 square feet year to date. Nearly 70% of the second-quarter vacancy leasing was completed with existing tenants, Executive Vice President and COO Britt Snider said. The company had approximately 125,000 square feet of prospects in advanced negotiations, which it defines as more than 90% likely to execute. Combined with signed leases, that represented more than 415,000 square feet of activity either completed or in advanced negotiations. The overall portfolio was 95.6% leased and 94.1% occupied at quarter-end, while the defense IT portfolio was 96.4% leased and 95.1% occupied. Northern Virginia ended the period 95.2% leased, its highest rate in more than a decade, according to Snider. Columbia Gateway has been a particular source of vacancy-leasing momentum. The company executed 110,000 square feet there so far in 2026 and expects the year to be its strongest for vacancy leasing in the submarket in more than five years. Renewal leasing totaled nearly 350,000 square feet in the quarter. Tenant retention was 68%, while cash rent spreads declined 20 basis points and GAAP rent spreads increased 4.4%. Snider attributed the lower retention rate partly to two strategic non-renewals in the Fort Meade/BW Corridor, following tenant expansions into other properties. Excluding those transactions, retention would have been 12 percentage points higher, he said. The company maintained its full-year tenant retention outlook of 80% to 85%. It also said it expects roughly 90% retention on 39 large leases totaling 4.1 million square feet that are scheduled to expire through year-end 2028. COPT Defense is expanding development activity at Redstone Gateway in Huntsville, Alabama, where Budorick said its 2.4 million-square-foot operating portfolio is 99.6% leased and remaining availability is spoken for. The company plans to begin two inventory developments during the third quarter: RG-6300, a 180,000-square-foot building expected to be delivered in early 2028, and RG-2200, a 60,000-square-foot building expected in late 2027. The projects represent $91 million of capital commitments. Management said it has not signed preleases for the two projects but selected their building sizes and floor plates to meet specific tenant requirements under discussion. The company cited 415,000 square feet of contractor demand for mission space tied to Golden Dome and missile-defense activities. COPT Defense’s active development pipeline totaled nearly 900,000 square feet and was 73% pre-leased, with approximately $450 million of capital commitments. Its development leasing pipeline stood at nearly 1.2 million square feet, up 20% from the prior quarter, while an additional 900,000 square feet of potential development opportunities were being tracked. Management said it continues to target initial cash development yields of about 8.5% and does not intend to fund development through new equity issuance, instead planning to use free cash flow. Budorick pointed to the White House’s proposed fiscal 2027 defense base budget of $1.1 trillion, a 30% increase from the prior year, as a key backdrop for the company’s markets. The House-passed National Defense Authorization Act matched that base-budget request, he said. The proposed legislation includes funding increases for intelligence, Department of Defense cyber programs and Golden Dome. While congressional deliberations remain ongoing, Budorick said the company’s business is principally driven by the proposed $1.1 trillion base budget. During the question-and-answer session, Budorick said management believes support for higher defense spending remains bipartisan and does not expect a potential change in congressional control after midterm elections to alter the broader environment materially. He also said demand for secure compartmented information facility, or SCIF, buildouts has increased as more defense programs require higher security classifications. COPT Defense Properties (NYSE: CDP) is a real estate investment trust organized to own, lease and manage healthcare and life science facilities serving the United States federal government, with a particular focus on Department of Defense and Veterans Affairs tenants. The company was formed in 2016 through a spin-off from Corporate Office Properties Trust, enabling it to concentrate exclusively on medical office buildings and specialized research facilities situated on or near military and federal research campuses. The company's portfolio comprises purpose-built, Class A medical office and outpatient specialty clinics, as well as life science laboratories. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "COPT Defense Properties Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved 24 consecutive quarters of year-over-year FFO growth, driven by strong defense economy investment and favorable lease commencement timing. Increased vacancy leasing targets by 20% following significant momentum in the Fort Meade/BW Corridor and Columbia Gateway subsegments. Maintained sector-leading tenant retention of 84% for the first half of the year, providing a capital advantage to self-fund equity for external growth. Strategic positioning in Northern Virginia resulted in a 95.2% lease rate, significantly outperforming the broader market occupancy of approximately 78%. Management attributes performance to the 'new normal' of trillion-dollar defense base budgets, which fuels demand for mission-critical space. Leveraged deep defense industry relationships to ensure 70% of vacancy leasing was executed with existing tenants expanding their footprints. Successfully mitigated 12 cents of higher financing costs through operational outperformance and increased net development fees. Commencing development on two new inventory buildings at Redstone Gateway totaling 240,000 square feet to address zero remaining contractor availability. Projecting Redstone Gateway to exceed 3 million square feet within 16 years of inception, reaching this milestone five years faster than the National Business Park. Guidance assumes same property cash NOI growth will moderate in the second half of the year due to known move-outs and non-recurring tax refunds from 2025. Expects to maintain development cash yields of approximately 8.5% despite broader market fluctuations. Anticipates 100% retention on a pool of eight large government leases totaling nearly 1 million square feet with executions expected in 2027. Reported 4 cents of FFO dilution from exchangeable notes resulting from a 38% year-to-date stock price appreciation. Identified a temporary 60 basis point occupancy decline due to placing a fully leased building into service as vacant space, which contributed to a net 30 basis point occupancy impact expected to reverse next quarter. Monitoring a ground lease in Chantilly where the property owner's mortgage is in special servicing, viewing it as a long-term acquisition target. Acknowledged power access constraints in Iowa as a primary hurdle for data center development, with no new leases expected for 12 to 24 months. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management asserts that defense spending is a bipartisan priority, and mission demand for missile defense is durable regardless of midterm or presidential outcomes. The 'Golden Dome' initiative is viewed as a long-term commitment driven by global geopolitical conflicts rather than specific political administrations. Management explicitly stated they have no intention of issuing new equity via the ATM, preferring to fund the equity component of growth through free cash flow. The company maintains the capacity to fund approximately $300 million of annual investment on a leverage-neutral basis. Demand for Sensitive Compartmented Information Facilities (SCIFs) is at an all-time high, with almost every defense contractor requirement now including a SCIF component. Tenants typically fund the majority of these high-cost build-outs, with a capital contribution ratio of roughly 3 or 4 to 1 compared to the landlord's allowance.

EPS of $0.40FFO per Share, As Adjusted for Comparability, of $0.714.4% FFO per Share Growth Year-over-Year2-cents above the Midpoint of Guidance Increased Midpoint of 2026 FFO per Share Guidance by 2-cents to $2.78Implies 2.2% FFO per Share Growth for the Year Same Property Cash NOI Increased 7.4%Increased Midpoint of 2026 Guidance by 100 basis points to 4% Occupancy and Leased LevelsTotal Portfolio 94.1% Occupied and 95.6% LeasedDefense/IT Portfolio 95.1% Occupied and 96.4% Leased Leasing ActivityTotal Leasing in 2Q26 and 1H26 of 518,000 SF and 2.2 million SF, respectively Vacancy Leasing in 2Q26 and 1H26 of 139,000 SF and 231,000 SF, respectivelyIncreased Annual Target to 475,000 SF from 400,000 SF Renewal Leasing in 2Q26 and 1H26 of 347,000 SF and 1.5 million SF, respectively Tenant Retention in 2Q26 and 1H26 of 68% and 84%, respectively Investment Leasing in 2Q26 and 1H26 of 32,000 SF and 416,000 SF, respectively Investment Activity Committed $43 million of Capital to a Land and Ground Lease Acquisition in Chantilly, VAIncreased 2026 Guidance Target by $45 million to $335 million COLUMBIA, Md., July 27, 2026--(BUSINESS WIRE)--COPT Defense Properties ("COPT Defense" or the "Company") (NYSE: CDP) announced results for the second quarter ended June 30, 2026. Management Comments Stephen E. Budorick, COPT Defense’s President & Chief Executive Officer, commented, "Our performance during the first half of the year exceeded our plan and expectations in every respect. Our financial results, occupancy, leasing activity, and capital commitments to new investments continue to illustrate the benefits and opportunities from the strong demand for our portfolio, as FFO per share exceeded the midpoint of our guidance by $0.02 in the second quarter. We increased the midpoint of 2026 FFO per share guidance by $0.02 to $2.78, which is $0.03 above our initial guidance. This is even more impressive considering this overcomes roughly $0.035 of incremental dilution from our Exchangeable Notes relative to our initial guidance, resulting from our 37% share price increase year-to-date. We also increased the midpoint of 2026 guidance for same property cash NOI growth by 100 basis points to 4.0%, the change in cash rents on renewals by 100 basis points to 3.0%, and capital commitment to new investments by $45 million to $335 million. Additionally, we raised our target for vacancy leasing by nearly 20% from 400,000 square feet to 475,000 square feet, based on the 231,000 square feet signed in the first half of the year, and our strong pipeline of deals in advanced negotiations. We expect bipartisan support for growth in defense spending will continue, as the FY 2027 Budget Request calls for a 28% increase in the base budget to nearly $1.1 trillion, which excludes any additional funding from reconciliation. The FY 2027 Budget Requests also calls for meaningful increases in funding for the priority missions our portfolio supports, which includes intelligence, cybersecurity, and missile defense, thereby creating a favorable environment for continued demand in our portfolio." Financial Highlights 2nd Quarter Financial Results: Diluted earnings per share ("EPS") was $0.40 for the quarter ended June 30, 2026, compared to $0.34 for the quarter ended June 30, 2025. Diluted funds from operations per share ("FFOPS"), as calculated in accordance with Nareit’s definition and as adjusted for comparability, was $0.71 for the quarter ended June 30, 2026, compared to $0.68 for the quarter ended June 30, 2025. Operating Performance Highlights Operating Portfolio Summary: At June 30, 2026, the Company’s 25.3 million square foot total portfolio was 94.1% occupied and 95.6% leased, which includes the 23.3 million square foot Defense/IT Portfolio that was 95.1% occupied and 96.4% leased. Same Property Performance: At June 30, 2026, the Company’s 24.6 million square foot Same Property portfolio was 94.5% occupied and 95.4% leased. The Company’s Same Property cash NOI increased 7.4% in the quarter ended June 30, 2026 compared to the same period in 2025. Leasing: Total Square Feet Leased: For the quarter ended June 30, 2026, the Company leased 518,000 square feet, including 347,000 square feet of renewals, 139,000 square feet of vacancy leasing, and 32,000 square feet of investment leasing. For the six months ended June 30, 2026, the Company executed 2.2 million square feet of total leasing, including 1.5 million square feet of renewals, 231,000 square feet of vacancy leasing, and 416,000 square feet of investment leasing. Tenant Retention Rates: During the quarter ended June 30, 2026, the Company renewed 68.4% of expiring square feet in its total portfolio. During the six months ended June 30, 2026, the Company renewed 84.4% of expiring square feet in its total portfolio. Rent Spreads and Average Escalations on Renewing Leases: For the quarter and six months ended June 30, 2026, straight-line rents on renewals increased 4.4% and 10.9%, respectively, and cash rents on renewed space decreased 0.2% and increased 3.2%, respectively, while annual escalations on renewing leases averaged 2.5% and 3.0%, respectively. Lease Terms: In the quarter ended June 30, 2026, lease terms averaged 2.9 years on renewing leases, 7.0 years on vacancy leasing, and 10.0 years on investment leasing. For the six months ended June 30, 2026, lease terms averaged 4.1 years on renewing leases, 6.8 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 885,000 square feet that were 73% leased as of June 30, 2026. These projects represent a total estimated investment of $440 million, of which $115 million was spent as of June 30, 2026. Acquisition: 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, were developed. The buildings are fully leased to the U.S. Government and defense contractors. Balance Sheet and Capital Transaction Highlights For the quarter ended June 30, 2026, the Company’s adjusted EBITDA fixed charge coverage ratio was 4.4x. At June 30, 2026, the Company’s net debt to in-place adjusted EBITDA ratio was 6.0x and its net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio was 5.9x. At June 30, 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 4.3 years (assuming exercise of available extension options), and 82% 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 second 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 2026 Guidance 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 $1.24-$1.30 and $2.73-$2.79, respectively, to new ranges of $1.39-$1.43 and $2.76-$2.80, respectively. Management is establishing third quarter guidance for diluted EPS and diluted FFOPS per Nareit and as adjusted for comparability at $0.37-$0.39 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: 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 second quarter 2026 results on its conference call tomorrow, details of which are listed below: 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/BI747d6d14370a47ff9a560c5239e7db6a 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 June 30, 2026, the Company’s Defense/IT Portfolio of 202 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.3 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. Source: COPT Defense Properties View source version on businesswire.com: https://www.businesswire.com/news/home/20260727622831/en/ Contacts IR Contacts: Venkat Kommineni, CFA 443.285.5587 [email protected] Michelle Layne 443.285.5452 [email protected]

COLUMBIA, Md., July 01, 2026--(BUSINESS WIRE)--COPT Defense Properties (NYSE: CDP) ("COPT Defense" or the "Company") announces the release date and conference call details in which management will discuss second quarter 2026 results. 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/BI747d6d14370a47ff9a560c5239e7db6a Participants can also listen to the conference call via a live webcast in the ‘News & Events – IR Calendar’ section of COPT Defense’s Investors website: https://investors.copt.com/news-events/ir-calendar A replay of the conference call will be immediately available via webcast only on COPT Defense’s Investors website. 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. Source: COPT Defense Properties View source version on businesswire.com: https://www.businesswire.com/news/home/20260701308280/en/ Contacts IR Contacts: Venkat Kommineni, [email protected] Michelle [email protected]

COLUMBIA, Md., May 14, 2026--(BUSINESS WIRE)--COPT Defense Properties (NYSE: CDP) ("COPT Defense" or the "Company") announced today that its Board of Trustees declared a regular quarterly dividend of $0.32 per common share for the second quarter ending June 30, 2026. The second quarter 2026 dividend represents an annualized amount of $1.28 per share and is payable on July 15, 2026, to shareholders of record on June 30, 2026. 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. Source: COPT Defense Properties View source version on businesswire.com: https://www.businesswire.com/news/home/20260514147227/en/ Contacts IR Contacts: Venkat Kommineni, CFA 443.285.5587 [email protected] Michelle Layne 443.285.5452 [email protected]

This article first appeared on GuruFocus. FFO per Share: $0.69, a 6.2% year-over-year increase. Same-Property Cash NOI: Increased 5.4% year-over-year. Occupancy: Total portfolio at 94.4%, Defense IT portfolio at 95.6%. Renewal Leasing: 1.2 million square feet executed with a 91% retention rate. Vacancy Leasing: 92,000 square feet executed, 152,000 square feet year-to-date. Investment Leasing: 384,000 square feet executed. Capital Committed to New Investments: Nearly $250 million year-to-date. Dividend Increase: $0.06 per share or 4.9% increase. Moody's Credit Rating: Upgraded to Baa2 with a stable outlook. Guidance for FFO per Share: Increased midpoint to $2.76. Guidance for Same-Property Cash NOI Growth: Increased midpoint by 50 basis points to 3%. Warning! GuruFocus has detected 9 Warning Signs with CDP. Is CDP fairly valued? Test your thesis with our free DCF calculator. Release Date: April 28, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. COPT Defense Properties (NYSE:CDP) reported a 6.2% year-over-year increase in FFO per share for the first quarter, exceeding the midpoint of guidance. The company achieved a 91% tenant retention rate, including a full renewal of a nearly 1 million square foot campus leased to the US government. CDP increased its annual dividend by 4.9%, marking the fourth consecutive year of dividend increases. Moody's upgraded CDP's investment grade rating to Baa2 with a stable outlook, recognizing the strength of its strategy and portfolio. The company committed nearly $250 million to new investments, including strategic acquisitions and development projects, supporting future growth. Higher-than-forecasted net winter weather-related expenses partially offset the quarter's financial benefits. The increased interest on $400 million of debt resulted in $0.09 of higher financing costs for 2026. The defense budget, although promising, has not yet been passed or appropriated, creating uncertainty in future tenant demand. CDP's vacancy leasing target of 400,000 square feet is challenging due to high occupancy levels, limiting available inventory. The regional office portfolio faces upcoming expirations, posing a potential risk to growth if not addressed proactively. Q: With the increase in defense spending, do you see a path to accelerating the long-term growth rate of FFO per share? A: Stephen Budorick, President and CEO, explained that while the growth rate has been around 4.5% historically, this year's growth is muted due to increased interest expenses. However, there is potential for growth acceleration if defense spending increases, although it remains aspirational until the budget is passed and appropriated. Q: Are there any other types of buildings or ground leases you are looking at in the submarket where you've made recent acquisitions? A: Stephen Budorick noted that while they own about 28% of the market, there are buildings with great tenants that would be compatible with their portfolio. They are interested in buying under the right terms, but currently, there are no available properties. Q: How are you thinking about the development pipeline and starts given the positive backdrop and tailwinds? A: Stephen Budorick stated that while they are not ready to accumulate more inventory than usual, they are prepared to move quickly by predesigning and addressing land conditions to cut delivery time. They are ready to act more aggressively if demand, particularly in Huntsville, materializes. Q: With the substantial increase in the 2027 defense budget, do you think your tenant base will need to start leasing earlier? A: Stephen Budorick explained that while the budget increase could influence tenant space needs, it is too early to tell as the budget has not been passed or appropriated yet. The typical 12- to 18-month lag between appropriations and lease executions is expected to hold. Q: What are the prospects for vacancy leasing, and how do you plan to drive occupancy higher? A: Britt Snider, COO, highlighted that they are seeing increased activity in Northern Virginia and the BW Corridor, particularly in cyber funding. They are also seeing growth in Columbia Gateway, which aligns with the missions supported by their buildings. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

FFO per share came in at $0.69 (up 6.2% YoY and $0.01 above guidance), the board raised the annual dividend $0.06 (4.9%) for the fourth straight year, and management nudged the FFO midpoint to $2.76. Heavy renewal activity — 1.2 million sq ft signed with a 91% retention rate (including a ~1M sq ft San Antonio campus) — cut 2026 expiring rent exposure from 21% to 11% and lifted portfolio occupancy to 94.4% (95.6% Defense/IT). Management has committed nearly $250 million YTD to new investments (notably the $55M Redstone Gateway and ~$43M Mission Ridge deals), the active pipeline tops 1M sq ft (73% pre-leased), and Moody’s upgraded CDP to Baa2 while the company prefunded a $400M bond with five‑year notes at 4.5%, adding about $0.09 of financing cost in 2026. Interested in COPT Defense Properties? Here are five stocks we like better. COPT Defense Properties (NYSE:CDP) opened 2026 with first-quarter results that management said keep the company on track to meet its objectives for the year, supported by higher occupancy, strong renewal execution, and additional capital commitments to development and land investments. President and CEO Stephen E. Budorick said the company is “off to a solid start in 2026,” highlighting a board-approved dividend increase announced in February. Budorick said the annual dividend was raised by $0.06 per share, or 4.9%, marking the fourth consecutive year of dividend increases. Since 2022, he said the dividend has increased 16.4% while FFO per share has risen 15.3%, alongside a “conservative AFFO payout ratio below 65%” and continued capacity to self-fund equity required for external investments. → Pipelines and Automation: 2 Energy Plays Built for Any Oil Price For the first quarter, the company reported FFO per share of $0.69. Executive Vice President and CFO Anthony Mifsud said the result was $0.01 above the midpoint of guidance and represented a 6.2% year-over-year increase. Management attributed the quarter’s performance to earlier-than-budgeted lease commencements, strong renewal leasing, the timing of certain repair and maintenance projects, and “unbudgeted real estate tax refunds from continued successful assessment appeals,” partially offset by higher net winter weather-related expenses. Same-Property Cash NOI increased 5.4% year-over-year, which Mifsud said was driven by burn-off of free rent on development and acquisition leases commenced in prior years and a 70-basis-point increase in same-property average occupancy. He noted results were muted by approximately 200 basis points because the company received $2 million less in non-recurring real estate tax refunds than in the prior year period. → Homebuilder Earnings: D.R. Horton Sticks Out as Pulte & NVR Sales Tank COPT Defense executed 1.2 million square feet of renewal leasing during the quarter and achieved a 91% retention rate, according to Budorick. A key component was the full renewal of a nearly 1 million-square-foot campus leased to the U.S. government near Lackland Air Force Base in San Antonio. Budorick said these renewals reduced expiring annualized rental revenue for 2026 from 21% at the beginning of the year to 11%. COO Britt A. Snider provided additional detail, reporting cash rent spreads of 3.8% and GAAP rent spreads of 12% on renewal activity during the quarter. For the San Antonio renewals specifically, Snider said cash rent spreads increased 4.2% with annual rent bumps of 3%. → Meta Platforms Earnings Preview: What to Watch in Q1 2026 Report Snider also emphasized the company’s renewal performance on larger lease expirations. For large leases exceeding 50,000 square feet that expire between mid-2024 and year-end 2026, she said the company has renewed nearly 3 million square feet at a 97% retention rate. She added that eight leases remain, totaling 950,000 square feet, all with the U.S. government, and management expects 100% retention with executions anticipated in 2027. On the vacancy side, the company executed 92,000 square feet of vacancy leasing in the first quarter, and Snider said nearly 70% of that volume was tied to cyber activity. Year to date, she said the company has signed 152,000 square feet of vacancy leasing, or 38% of its full-year target of 400,000 square feet, with approximately 115,000 square feet of prospects in advanced negotiations. Snider said that puts the company at more than 265,000 square feet either executed or in advanced negotiations, roughly two-thirds of the annual target. Occupancy ended the quarter at 94.4% for the total portfolio and 95.6% for the Defense/IT portfolio, Snider said, with year-over-year increases of 80 basis points and 30 basis points, respectively. Budorick added that the company has “no vacancy to lease in Huntsville,” noting the company is down to its last suite there. Budorick said the company executed 384,000 square feet of investment leasing during the quarter, consisting of “two previously announced full building leases at the National Business Park.” He also said that year to date, the company has committed nearly $250 million of capital to new investments, including 620 Guardian Way, a fully leased build-to-suit project at National Business Park, and two additional investments totaling nearly $100 million. Budorick outlined the two newer commitments: Redstone Gateway development: A $55 million commitment for a 150,000-square-foot development inside the fence within a secure parcel on Redstone Arsenal, intended to create Anti-Terrorism Force Protected (ATFP) inventory for the U.S. government in advance of expected requirements. Budorick said the company is seeing demand tied to multiple government missions, including growth related to missile defense and space activities. Mission Ridge ground-lease investment: Roughly $43 million for the acquisition of 17 acres of land and a ground lease in the Westfield submarket in Chantilly, Virginia. Budorick said the economics are supported by two “highly strategic” 100% leased office buildings occupied by the FBI’s technology division, including its cyber group, and two defense contractors among the company’s top 20 defense IT tenants. Budorick described the Mission Ridge transaction as providing “essentially perpetual control” of a strategic land parcel and the senior position in the capital structure, which he said could create an opportunity to acquire the leasehold interest at attractive terms in the future. He noted the company previously acquired Stonegate One in the same submarket. On development, Snider said the company commenced two projects in the first quarter, bringing the active pipeline to more than 1 million square feet that is 73% pre-leased, representing more than $500 million in capital commitments. She said all seven projects are on schedule and on budget, and five of the seven are 100% pre-leased. The two projects with available space are inventory buildings in Huntsville—one inside the fence targeting government tenancy and one outside the fence for defense contractors. During the quarter, Mifsud said the company repaid a $400 million bond that carried a 2.25% interest rate. He noted the company had pre-funded the maturity about seven months earlier by issuing $400 million of five-year unsecured notes at 4.5%, which he described as being priced at a sector-leading credit spread of 95 basis points. Mifsud said the higher rate results in $0.09 of additional financing costs in 2026, but added the company’s next bond maturity is not until fall 2028. Budorick and Mifsud also pointed to a credit rating improvement. Budorick said Moody’s upgraded the company’s investment-grade rating to Baa2 with a stable outlook, and Mifsud said Moody’s cited strong operating performance, a solid EBITDA-to-interest expense ratio, and income growth from assets under development. Management raised several guidance midpoints, including: FFO per share: increased by $0.01 to $2.76, which Mifsud said reflects first-quarter outperformance and the Mission Ridge land acquisition, partially offset by accounting treatment tied to exchangeable notes. Same-Property Cash NOI growth: increased by 50 basis points to 3% due to stronger renewal leasing and unanticipated tax refunds. Tenant retention: increased by 250 basis points to 82.5%. Capital committed to new investments: increased by $40 million to $290 million due to the Mission Ridge land acquisition. The company also established second-quarter FFO per share guidance of $0.68 to $0.70. Budorick spent part of the call discussing the administration’s proposed FY 2027 defense budget. He said the request totals $1.5 trillion, comprised of a $1.1 trillion base budget and $350 billion in anticipated reconciliation funding, and emphasized that the company’s business is “really driven off the proposed base budget.” Budorick cited proposed increases for intelligence and DoD cyber funding and discussed “Golden Dome” funding, while cautioning that the budget “has not even been passed and appropriated yet.” He added that there is typically a 12- to 18-month lag between appropriations and lease executions and said he expects that lag to hold. In the Q&A, Budorick said 2026 FFO growth is expected to be “somewhere around” 1.5% given the added interest expense, but that the company generally expects to return to its longer-term growth path, with potential upside if defense spending translates into demand. He also said the company is not currently tracking any acquisitions beyond one-off opportunities that fit its narrow strategy, and he provided an update on Des Moines data center shells, saying the company is “at an impasse on power” and waiting for power economics to improve before moving forward. COPT Defense Properties (NYSE: CDP) is a real estate investment trust organized to own, lease and manage healthcare and life science facilities serving the United States federal government, with a particular focus on Department of Defense and Veterans Affairs tenants. The company was formed in 2016 through a spin-off from Corporate Office Properties Trust, enabling it to concentrate exclusively on medical office buildings and specialized research facilities situated on or near military and federal research campuses. The company's portfolio comprises purpose-built, Class A medical office and outpatient specialty clinics, as well as life science laboratories. The article "COPT Defense Properties Q1 Earnings Call Highlights" was originally published by MarketBeat.