Form 8-K

8-K — COPT DEFENSE PROPERTIES

Accession: 0000860546-26-000034

Filed: 2026-07-27

Period: 2026-07-27

CIK: 0000860546

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cdp-20260727.htm (Primary)

EX-99.1 (cdp06302026ex991.htm)

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8-K

8-K (Primary)

Filename: cdp-20260727.htm · Sequence: 1

cdp-20260727

0000860546false00008605462026-07-272026-07-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 27, 2026

____________________________________________

COPT DEFENSE PROPERTIES

(Exact name of registrant as specified in its charter)

Maryland 1-14023 23-2947217

(State or other jurisdiction (Commission File (IRS Employer

of incorporation) Number) Identification No.)

6711 Columbia Gateway Drive, Suite 300, Columbia, MD

21046

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (443) 285-5400

____________________________________________

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Shares of beneficial interest, $0.01 par value CDP New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On July 27, 2026, COPT Defense Properties (the “Company”) issued a press release relating to its financial results for the period ended June 30, 2026 and, in connection with this release, is making available certain supplemental information pertaining to its properties and operations. The earnings release and supplemental information are included as Exhibit 99.1 to this report and are incorporated herein by reference.

The information included herein, including the exhibits, shall not be deemed “filed” for any purpose, including the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or subject to liabilities of that Section. The information included herein, including the exhibits, shall also not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit Number Exhibit Title

99.1

COPT Defense Properties earnings release and supplemental information for the period ended June 30, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

COPT DEFENSE PROPERTIES

/s/ Anthony Mifsud

Anthony Mifsud

Executive Vice President and Chief Financial Officer

Date: July 27, 2026

EX-99.1

Filename: cdp06302026ex991.htm · Sequence: 2

Document

Exhibit 99.1

COPT Defense Properties

Supplemental Information + Earnings Release - Unaudited

For the Period Ended 6/30/26

OVERVIEW

Summary Description

Equity Research Coverage

Selected Financial Summary Data

Selected Portfolio Data

FINANCIAL

STATEMENTS

Consolidated Balance Sheets

Consolidated Statements of Operations

Funds from Operations

Diluted Share + Unit Computations

Adjusted Funds from Operations

EBITDAre + Adjusted EBITDA

PORTFOLIO INFORMATION

Properties by Segment

Consolidated Real Estate Revenues + NOI by Segment

Cash NOI by Segment

NOI from Real Estate Operations + Occupancy by Property Grouping

Same Property Average Occupancy Rates by Segment

Same Property Period End Occupancy Rates by Segment

Same Property Real Estate Revenues + NOI by Segment

Same Property Cash NOI by Segment

Leasing

Lease Expiration Analysis

2026 Defense/IT Portfolio Quarterly Lease Expiration Analysis

Top 20 Tenants

INVESTING ACTIVITY Summary of Acquisition

Summary of Development Projects

Development Placed in Service

Summary of Land Owned/Controlled

CAPITALIZATION

Capitalization Overview

Summary of Outstanding Debt

Debt Analysis

Consolidated Real Estate Joint Ventures

Unconsolidated Real Estate Joint Ventures

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

Definitions

EARNINGS RELEASE

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, 2026, our Defense/IT Portfolio of 202 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.3 million square feet and was 96.4% leased.

MANAGEMENT INVESTOR RELATIONS

Stephen E. Budorick, President + CEO Venkat Kommineni, VP

Britt A. Snider, EVP + COO

443.285.5587 | venkat.kommineni@copt.com

Anthony Mifsud, EVP + CFO

Michelle Layne, Senior Manager

443.285.5452 | michelle.layne@copt.com

CORPORATE CREDIT RATING

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

DISCLOSURE STATEMENT

This supplemental package contains forward-looking statements within the meaning of the Federal securities laws. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan,” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although we believe that the expectations, estimates, and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, we can give no assurance that these expectations, estimates, and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements and we undertake no obligation to update or supplement any forward-looking statements. The areas of risk that may affect these expectations, estimates, and projections include, but are not limited to, those risks described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Equity Research Coverage

FIRM SENIOR ANALYST PHONE EMAIL

BTIG Tom Catherwood 212.738.6410 tcatherwood@btig.com

Cantor Fitzgerald Richard Anderson 929.441.6927 richard.anderson@cantor.com

Citigroup Global Markets Seth Bergey 212.816.2066 seth.bergey@citi.com

Evercore ISI Steve Sakwa 212.446.9462 steve.sakwa@evercoreisi.com

Green Street Dylan Burzinski 949.640.8780 dburzinski@greenstreet.com

Jefferies Joe Dickstein 212.778.8771 jdickstein1@jefferies.com

JP Morgan Tony Paolone 212.622.6682 anthony.paolone@jpmorgan.com

Truist Securities Michael Lewis 212.319.5659 michael.r.lewis@truist.com

Wells Fargo Securities Blaine Heck 410.662.2556 blaine.heck@wellsfargo.com

With the exception of Green Street, the above-listed firms are those whose analysts publish research material on the Company and whose estimates of our FFO per share can be tracked through FactSet. Any opinions, estimates, or forecasts the above analysts make regarding COPT Defense’s future performance are their own and do not represent the views, estimates, or forecasts of COPT Defense’s management.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Selected Financial Summary Data

(in thousands, except per share data)

Page Refer. Three Months Ended Six Months Ended

SUMMARY OF RESULTS 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25

Net income

$ 48,559 $ 40,139 $ 39,396 $ 43,744 $ 40,166 $ 88,698 $ 76,394

NOI from real estate operations

$ 120,090 $ 115,217 $ 113,952 $ 111,818 $ 112,412 $ 235,307 $ 219,858

Same Property NOI

$ 114,967 $ 110,381 $ 110,957 $ 111,277 $ 111,907 $ 225,348 $ 218,953

Same Property cash NOI

$ 112,252 $ 106,253 $ 106,666 $ 106,864 $ 104,519 $ 218,505 $ 205,311

Adjusted EBITDA

$ 110,680 $ 107,832 $ 108,223 $ 103,771 $ 104,726 $ 218,512 $ 203,845

FFO per NAREIT

$ 85,002 $ 81,838 $ 82,371 $ 82,090 $ 80,471 $ 166,840 $ 156,499

Diluted AFFO available to common share and unit holders

$ 69,114 $ 65,084 $ 57,209 $ 63,274 $ 57,660 $ 134,198 $ 113,757

Dividend per common share N/A $ 0.32 $ 0.32 $ 0.305 $ 0.305 $ 0.305 $ 0.64 $ 0.61

Per share - diluted

EPS

$ 0.40 $ 0.34 $ 0.33 $ 0.37 $ 0.34 $ 0.74 $ 0.64

FFO - Nareit

$ 0.71 $ 0.69 $ 0.70 $ 0.69 $ 0.68 $ 1.40 $ 1.33

FFO - as adjusted for comparability

$ 0.71 $ 0.69 $ 0.70 $ 0.69 $ 0.68 $ 1.40 $ 1.33

Numerators for diluted per share amounts

Diluted EPS

$ 46,254 $ 38,395 $ 37,388 $ 41,594 $ 38,235 $ 84,650 $ 72,858

Diluted FFO available to common share and unit holders

$ 83,015 $ 80,168 $ 80,358 $ 80,093 $ 78,635 $ 163,183 $ 153,080

Diluted FFO available to common share and unit holders, as adjusted for comparability

$ 83,015 $ 80,168 $ 80,424 $ 80,121 $ 78,635 $ 163,183 $ 153,080

2Q 2026 Supplemental Information Package

COPT Defense Properties

Selected Financial Summary Data (continued)

(in thousands, except ratios)

Page Refer. As of or for Three Months Ended

As of and for Six Months Ended

PAYOUT RATIOS AND CAPITALIZATION 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25

GAAP

Payout ratio

Net income N/A 76.4% 92.5% 89.3% 80.5% 87.7% 83.7% 92.2%

Capitalization and debt ratios

Total assets

$ 4,515,281 $ 4,458,909 $ 4,701,790 $ 4,351,432 $ 4,286,950

Total equity

$ 1,580,961 $ 1,566,641 $ 1,562,169 $ 1,555,039 $ 1,545,741

Debt per balance sheet

$ 2,592,436 $ 2,546,958 $ 2,767,834 $ 2,443,518 $ 2,438,591

Debt to assets

57.4% 57.1% 58.9% 56.2% 56.9% N/A N/A

Net income to interest expense ratio

2.0x 1.7x 1.6x 2.1x 1.9x 1.8x 1.8x

Debt to net income ratio

13.3x 15.9x 17.6x 14.0x 15.2x N/A N/A

Non-GAAP

Payout ratios

Diluted FFO N/A 44.4% 46.0% 43.5% 43.7% 44.5% 45.2% 45.7%

Diluted FFO - as adjusted for comparability N/A 44.4% 46.0% 43.5% 43.7% 44.5% 45.2% 45.7%

Diluted AFFO N/A 53.3% 56.6% 61.2% 55.3% 60.7% 54.9% 61.5%

Capitalization and debt ratios

Total Market Capitalization

$ 6,829,549 $ 6,112,751 $ 5,997,335 $ 5,814,654 $ 5,640,563

Total Equity Market Capitalization

$ 4,216,509 $ 3,543,847 $ 3,206,035 $ 3,352,013 $ 3,181,463

Net debt

$ 2,662,801 $ 2,614,344 $ 2,589,666 $ 2,512,124 $ 2,489,618

Net debt to adjusted book

40.8% 40.6% 40.5% 40.2% 40.6% N/A N/A

Adjusted EBITDA fixed charge coverage ratio

4.4x 4.3x 4.3x 4.8x 4.9x 4.3x 4.8x

Net debt to in-place adjusted EBITDA ratio

6.0x 6.1x 5.9x 6.1x 5.9x N/A N/A

Net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio

5.9x 5.9x 5.8x 5.8x 5.8x N/A N/A

2Q 2026 Supplemental Information Package

COPT Defense Properties

Selected Portfolio Data (1)

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25

# of Properties

Total Portfolio 208 207 207 204 204

Consolidated Portfolio 184 183 183 180 180

Defense/IT Portfolio 202 201 201 198 198

Same Property 203 203 203 203 203

% Occupied

Total Portfolio 94.1 % 94.4 % 94.0 % 93.9 % 94.0 %

Consolidated Portfolio 92.9 % 93.2 % 92.8 % 92.6 % 92.8 %

Defense/IT Portfolio 95.1 % 95.6 % 95.5 % 95.4 % 95.6 %

Same Property 94.5 % 94.2 % 93.9 % 93.9 % 94.0 %

% Leased

Total Portfolio 95.6 % 95.2 % 95.3 % 95.7 % 95.6 %

Consolidated Portfolio 94.7 % 94.3 % 94.3 % 94.8 % 94.6 %

Defense/IT Portfolio 96.4 % 96.4 % 96.5 % 97.0 % 96.8 %

Same Property 95.4 % 95.1 % 95.4 % 95.7 % 95.5 %

Square Feet (in thousands)

Total Portfolio 25,303 25,155 25,147 24,585 24,571

Consolidated Portfolio 21,008 20,859 20,851 20,290 20,276

Defense/IT Portfolio 23,316 23,167 23,159 22,597 22,583

Same Property 24,557 24,557 24,557 24,557 24,557

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

2Q 2026 Supplemental Information Package

COPT Defense Properties

Consolidated Balance Sheets

(in thousands)

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25

Assets

Properties, net

Operating properties, net $ 3,521,326 $ 3,494,556 $ 3,500,087 $ 3,372,672 $ 3,359,676

Development and redevelopment in progress, including land (1) 113,632 120,936 95,284 140,091 108,710

Land held (1) 178,510 187,484 188,106 213,093 214,170

Total properties, net 3,813,468 3,802,976 3,783,477 3,725,856 3,682,556

Property - operating lease right-of-use assets 47,405 48,906 50,383 51,838 53,271

Assets held for sale 11,194 — — — —

Cash and cash equivalents 24,157 28,580 274,986 23,687 21,288

Investment in unconsolidated real estate joint ventures 35,521 35,818 36,368 36,301 38,555

Accounts receivable, net 53,567 51,907 58,185 38,931 43,873

Deferred rent receivable 183,463 182,647 177,921 173,758 171,257

Lease incentives, net 72,508 71,879 72,347 68,263 66,478

Investment in sales-type leases, net 48,250 5,178 3,830 3,999 4,165

Deferred leasing costs, net 76,113 76,430 75,052 72,272 73,342

Investing receivables, net 72,637 69,922 69,856 79,772 79,300

Prepaid expenses and other assets, net 76,998 84,666 99,385 76,755 52,865

Total assets $ 4,515,281 $ 4,458,909 $ 4,701,790 $ 4,351,432 $ 4,286,950

Liabilities and equity

Liabilities

Debt $ 2,592,436 $ 2,546,958 $ 2,767,834 $ 2,443,518 $ 2,438,591

Accounts payable and accrued expenses 115,668 116,954 147,200 135,331 106,749

Rents received in advance and security deposits 37,541 40,252 37,914 36,988 37,799

Dividends and distributions payable 37,111 37,102 35,205 35,220 35,214

Deferred revenue associated with operating leases 50,560 47,874 47,714 43,671 39,325

Property - operating lease liabilities 42,485 43,768 45,012 46,203 47,372

Other liabilities 33,638 34,230 33,236 31,245 12,901

Total liabilities 2,909,439 2,867,138 3,114,115 2,772,176 2,717,951

Redeemable noncontrolling interest 24,881 25,130 25,506 24,217 23,258

Equity

COPT Defense’s shareholders’ equity

Common shares 1,134 1,134 1,132 1,130 1,129

Additional paid-in capital 2,503,639 2,500,341 2,502,661 2,497,736 2,495,422

Cumulative distributions in excess of net income (976,558) (986,706) (988,957) (991,935) (999,218)

Accumulated other comprehensive income (loss) 9 34 (61) 79 342

Total COPT Defense’s shareholders’ equity 1,528,224 1,514,803 1,514,775 1,507,010 1,497,675

Noncontrolling interests in subsidiaries

Common units in the Operating Partnership 34,296 33,687 29,317 33,024 33,181

Other consolidated entities 18,441 18,151 18,077 15,005 14,885

Total noncontrolling interests in subsidiaries 52,737 51,838 47,394 48,029 48,066

Total equity 1,580,961 1,566,641 1,562,169 1,555,039 1,545,741

Total liabilities, redeemable noncontrolling interest, and equity $ 4,515,281 $ 4,458,909 $ 4,701,790 $ 4,351,432 $ 4,286,950

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

2Q 2026 Supplemental Information Package

COPT Defense Properties

Consolidated Statements of Operations

(in thousands)

Three Months Ended Six Months Ended

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25

Revenues

Lease revenue $ 188,806 $ 192,971 $ 185,002 $ 178,272 $ 175,598 $ 381,777 $ 350,906

Other property revenue 1,820 1,625 1,483 2,038 1,859 3,445 4,148

Construction contract and other service revenues 6,766 6,041 10,872 8,485 12,458 12,807 22,717

Total revenues 197,392 200,637 197,357 188,795 189,915 398,029 377,771

Operating expenses

Property operating expenses 72,586 81,435 74,616 70,356 66,915 154,021 138,955

Depreciation and amortization associated with real estate operations 42,289 42,685 42,263 40,631 39,573 84,974 78,932

Construction contract and other service expenses 6,023 5,552 10,432 7,952 11,873 11,575 21,578

General and administrative expenses 9,237 8,456 7,943 8,483 8,202 17,693 16,350

Leasing expenses 3,089 2,994 2,896 2,449 2,613 6,083 5,612

Business development expenses and land carry costs 938 1,199 904 1,098 1,096 2,137 2,105

Total operating expenses 134,162 142,321 139,054 130,969 130,272 276,483 263,532

Interest expense (24,444) (23,996) (24,324) (20,894) (20,938) (48,440) (41,442)

Interest and other income, net 2,973 3,955 5,301 2,591 1,223 6,928 2,791

Gain on sales of real estate 6,442 582 32 3,018 — 7,024 300

Loss on early extinguishment of debt — — (66) — — — —

Income before equity in income of unconsolidated entities and income taxes 48,201 38,857 39,246 42,541 39,928 87,058 75,888

Equity in income of unconsolidated entities 392 1,406 265 1,815 355 1,798 726

Income tax expense (34) (124) (115) (612) (117) (158) (220)

Net income 48,559 40,139 39,396 43,744 40,166 88,698 76,394

Net income attributable to noncontrolling interests

Common units in the Operating Partnership (1,038) (812) (743) (924) (846) (1,850) (1,572)

Other consolidated entities (1,084) (771) (1,152) (1,093) (973) (1,855) (1,735)

Net income attributable to common shareholders $ 46,437 $ 38,556 $ 37,501 $ 41,727 $ 38,347 $ 84,993 $ 73,087

Amount allocable to share-based compensation awards (183) (161) (113) (133) (112) (343) (229)

Numerator for diluted EPS $ 46,254 $ 38,395 $ 37,388 $ 41,594 $ 38,235 $ 84,650 $ 72,858

2Q 2026 Supplemental Information Package

COPT Defense Properties

Funds from Operations

(in thousands)

Three Months Ended Six Months Ended

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25

Net income $ 48,559 $ 40,139 $ 39,396 $ 43,744 $ 40,166 $ 88,698 $ 76,394

Real estate-related depreciation and amortization 42,289 42,685 42,263 40,631 39,573 84,974 78,932

Gain on sales of real estate (6,442) (582) (32) (3,018) — (7,024) (300)

Depreciation and amortization on unconsolidated real estate JVs (1) 726 742 744 733 732 1,468 1,473

Gain on sale of real estate on unconsolidated real estate JV (1) (130) (1,146) — — — (1,276) —

FFO - per Nareit (2) 85,002 81,838 82,371 82,090 80,471 166,840 156,499

FFO allocable to other noncontrolling interests (3) (1,433) (1,131) (1,524) (1,502) (1,382) (2,564) (2,540)

Basic FFO allocable to share-based compensation awards (617) (603) (543) (548) (550) (1,220) (1,080)

Basic FFO available to common share and common unit holders (2) 82,952 80,104 80,304 80,040 78,539 163,056 152,879

Diluted FFO adjustments allocable to share-based compensation awards 63 64 54 53 96 127 201

Diluted FFO available to common share and common unit holders - per Nareit (2) 83,015 80,168 80,358 80,093 78,635 163,183 153,080

Loss on early extinguishment of debt — — 66 — — — —

Loss on early extinguishment of debt on unconsolidated real estate JVs (1) — — — 28 — — —

Diluted FFO available to common share and common unit holders, as adjusted for comparability (2) $ 83,015 $ 80,168 $ 80,424 $ 80,121 $ 78,635 $ 163,183 $ 153,080

(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.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Diluted Share + Unit Computations

(in thousands, except per share data)

Three Months Ended Six Months Ended

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25

EPS Denominator

Weighted average common shares - basic 112,871 112,806 112,733 112,485 112,459 112,839 112,421

Dilutive effect of share-based compensation awards 938 1,031 850 702 765 984 744

Dilutive exchangeable debt 1,087 472 — — — 763 —

Weighted average common shares - diluted 114,896 114,309 113,583 113,187 113,224 114,586 113,165

Diluted EPS $ 0.40 $ 0.34 $ 0.33 $ 0.37 $ 0.34 $ 0.74 $ 0.64

Weighted Average Shares for period ended

Common shares 112,871 112,806 112,733 112,485 112,459 112,839 112,421

Dilutive effect of share-based compensation awards 938 1,031 850 702 765 984 744

Common units 2,231 2,063 1,926 2,182 2,177 2,147 2,113

Dilutive exchangeable debt 1,087 472 — — — 763 —

Denominator for diluted FFO per share and as adjusted for comparability 117,127 116,372 115,509 115,369 115,401 116,733 115,278

Weighted average common units (2,231) (2,063) (1,926) (2,182) (2,177) (2,147) (2,113)

Denominator for diluted EPS 114,896 114,309 113,583 113,187 113,224 114,586 113,165

Diluted FFO per share - Nareit (1) $ 0.71 $ 0.69 $ 0.70 $ 0.69 $ 0.68 $ 1.40 $ 1.33

Diluted FFO per share - as adjusted for comparability (1) $ 0.71 $ 0.69 $ 0.70 $ 0.69 $ 0.68 $ 1.40 $ 1.33

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

2Q 2026 Supplemental Information Package

COPT Defense Properties

Adjusted Funds from Operations

(in thousands)

Three Months Ended Six Months Ended

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25

Diluted FFO available to common share and common unit holders, as adjusted for comparability (1) $ 83,015 $ 80,168 $ 80,424 $ 80,121 $ 78,635 $ 163,183 $ 153,080

Straight line rent adjustments and lease incentive amortization 5,377 (1,330) 3,634 5,053 (1,836) 4,047 (3,535)

Amortization of intangibles and other assets included in NOI 106 60 (384) 42 64 166 226

Sales-type lease adjustments 101 — — — — 101 —

Share-based compensation, net of amounts capitalized 3,376 3,186 2,954 2,961 2,924 6,562 5,778

Amortization of deferred financing costs 794 832 817 657 657 1,626 1,324

Amortization of net debt discounts and commissions, net of amounts capitalized 1,076 1,217 1,282 1,070 1,060 2,293 2,111

Replacement capital expenditures (1) (25,117) (19,205) (31,290) (26,982) (23,919) (44,322) (45,383)

Other 386 156 (228) 352 75 542 156

Diluted AFFO available to common share and common unit holders (“diluted AFFO”) (1) $ 69,114 $ 65,084 $ 57,209 $ 63,274 $ 57,660 $ 134,198 $ 113,757

Replacement capital expenditures (1)

Tenant improvements and incentives $ 19,905 $ 15,899 $ 25,671 $ 24,769 $ 15,293 $ 35,804 $ 29,051

Building improvements 2,892 1,142 8,888 3,662 5,641 4,034 7,513

Leasing costs 1,420 1,547 5,008 2,240 4,929 2,967 8,390

Net additions to (exclusions from) tenant improvements and incentives 1,167 924 (6,335) (3,390) (241) 2,091 3,297

Excluded building improvements (267) (307) (1,942) (299) (1,703) (574) (1,904)

Excluded leasing costs — — — — — — (964)

Replacement capital expenditures $ 25,117 $ 19,205 $ 31,290 $ 26,982 $ 23,919 $ 44,322 $ 45,383

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

2Q 2026 Supplemental Information Package

COPT Defense Properties

EBITDAre + Adjusted EBITDA

(in thousands)

Three Months Ended Six Months Ended

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25

Net income $ 48,559 $ 40,139 $ 39,396 $ 43,744 $ 40,166 $ 88,698 $ 76,394

Interest expense 24,444 23,996 24,324 20,894 20,938 48,440 41,442

Income tax expense 34 124 115 612 117 158 220

Real estate-related depreciation and amortization 42,289 42,685 42,263 40,631 39,573 84,974 78,932

Other depreciation and amortization 466 416 435 428 468 882 1,010

Gain on sales of real estate (6,442) (582) (32) (3,018) — (7,024) (300)

Adjustments from unconsolidated real estate JVs 1,658 650 1,818 1,758 1,515 2,308 3,033

EBITDAre (1) 111,008 107,428 108,319 105,049 102,777 218,436 200,731

Credit loss (recoveries) expense (978) (369) (644) (324) 1,187 (1,347) 1,702

Business development expenses 650 802 508 731 741 1,452 1,334

Executive transition costs — — — — 21 — 78

Loss on early extinguishment of debt — — 66 — — — —

Loss on early extinguishment of debt on unconsolidated real estate JVs — — — 28 — — —

Net gain on other investments — (29) (26) (1,713) — (29) —

Adjusted EBITDA (1) 110,680 107,832 108,223 103,771 104,726 $ 218,512 $ 203,845

Pro forma NOI adjustment for property changes within period — — 1,969 21 57

Change in collectability of deferred rental revenue — 86 127 — 20

In-place adjusted EBITDA (1) $ 110,680 $ 107,918 $ 110,319 $ 103,792 $ 104,803

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

2Q 2026 Supplemental Information Package

COPT Defense Properties

Properties by Segment - 6/30/26

(square feet in thousands)

# of

Properties Operational

Square Feet % Occupied % Leased

Defense/IT Portfolio

Fort Meade/Baltimore Washington (“BW”) Corridor

National Business Park (Annapolis Junction, MD) 35 4,436 92.9% 96.5%

Howard County, MD 36 3,084 91.7% 92.7%

Other 25 1,883 90.7% 92.6%

Total Fort Meade/BW Corridor 96 9,403 92.1% 94.5%

Redstone Arsenal (Huntsville, AL) 25 2,525 97.8% 99.0%

Northern Virginia (“NoVA”) Defense/IT 17 2,644 93.5% 95.2%

Lackland Air Force Base (San Antonio, TX) 9 1,143 100.0% 100.0%

Navy Support 22 1,271 86.2% 87.5%

Data Center Shells

Consolidated Properties 9 2,035 100.0% 100.0%

Unconsolidated JV Properties (1) 24 4,295 100.0% 100.0%

Total Defense/IT Portfolio 202 23,316 95.1% 96.4%

Other 6 1,987 83.1% 85.4%

Total Portfolio 208 25,303 94.1% 95.6%

Consolidated Portfolio 184 21,008 92.9% 94.7%

(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.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Consolidated Real Estate Revenues + NOI by Segment

(in thousands)

Three Months Ended Six Months Ended

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25

Consolidated real estate revenues

Defense/IT Portfolio

Fort Meade/BW Corridor $ 81,932 $ 87,533 $ 82,215 $ 81,756 $ 81,337 $ 169,465 $ 165,945

Redstone Arsenal 20,137 20,645 19,783 19,477 18,977 40,782 35,399

NoVA Defense/IT 24,824 24,816 23,307 22,343 22,018 49,640 45,180

Lackland Air Force Base 19,552 18,354 20,639 18,555 17,475 37,906 33,885

Navy Support 9,523 8,992 8,621 8,727 8,258 18,515 16,218

Data Center Shells-Consolidated 15,957 14,665 12,642 10,715 10,644 30,622 21,509

Total Defense/IT Portfolio 171,925 175,005 167,207 161,573 158,709 346,930 318,136

Other 18,701 19,591 19,278 18,737 18,748 38,292 36,918

Consolidated real estate revenues (1) $ 190,626 $ 194,596 $ 186,485 $ 180,310 $ 177,457 $ 385,222 $ 355,054

NOI from real estate operations (2)

Defense/IT Portfolio

Fort Meade/BW Corridor $ 53,394 $ 51,053 $ 52,028 $ 53,279 $ 54,440 $ 104,447 $ 107,118

Redstone Arsenal 13,422 13,396 12,857 12,227 12,817 26,818 22,945

NoVA Defense/IT 15,488 14,460 14,104 13,452 13,160 29,948 26,233

Lackland Air Force Base 9,703 9,356 9,059 8,310 8,234 19,059 15,645

Navy Support 5,419 4,633 4,807 4,711 4,402 10,052 8,196

Data Center Shells

Consolidated properties 11,918 12,116 10,486 9,014 8,861 24,034 17,873

COPT Defense’s share of unconsolidated real estate JVs 2,050 2,056 2,083 1,864 1,870 4,106 3,759

Total Defense/IT Portfolio 111,394 107,070 105,424 102,857 103,784 218,464 201,769

Other 8,696 8,147 8,528 8,961 8,628 16,843 18,089

NOI from real estate operations (1) $ 120,090 $ 115,217 $ 113,952 $ 111,818 $ 112,412 $ 235,307 $ 219,858

(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.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Cash NOI by Segment

(in thousands)

Three Months Ended Six Months Ended

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25

Cash NOI from real estate operations (1)

Defense/IT Portfolio

Fort Meade/BW Corridor $ 54,332 $ 50,873 $ 52,727 $ 53,019 $ 51,640 $ 105,205 $ 101,744

Redstone Arsenal 11,062 10,322 9,937 9,549 10,283 21,384 19,006

NoVA Defense/IT 16,033 14,964 14,607 13,669 12,717 30,997 24,980

Lackland Air Force Base 9,121 9,606 8,946 8,863 8,846 18,727 16,932

Navy Support 5,754 4,744 4,628 4,155 4,215 10,498 8,048

Data Center Shells

Consolidated properties 10,800 8,989 8,170 8,217 7,521 19,789 14,523

COPT Defense’s share of unconsolidated real estate JVs 1,763 1,701 1,682 1,655 1,651 3,464 3,279

Total Defense/IT Portfolio 108,865 101,199 100,697 99,127 96,873 210,064 188,512

Other 7,546 7,105 7,010 7,997 8,054 14,651 17,640

Cash NOI from real estate operations (2) $ 116,411 $ 108,304 $ 107,707 $ 107,124 $ 104,927 $ 224,715 $ 206,152

(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.

2Q 2026 Supplemental Information Package

COPT Defense Properties

NOI from Real Estate Operations + Occupancy by Property Grouping - 6/30/26

(dollars and square feet in thousands)

As of Period End NOI from Real Estate Operations (3)

# of

Properties Operational Square Feet % Occupied (1) % Leased (1) Annualized

Rental Revenue (2)

Property Grouping Six Months Ended

% of Six Months Ended

Defense/IT Portfolio

Same Property (2)

Consolidated properties 173 18,275 94.5% 95.4% $ 644,895 $ 205,159 87.2 %

Unconsolidated JV properties 24 4,295 100.0% 100.0% 8,913 4,106 1.7 %

Total Same Property in Defense/IT Portfolio 197 22,570 95.6% 96.3% 653,808 209,265 88.9 %

Properties Placed in Service (4) 4 604 75.5% 100.0% 12,846 6,547 2.8 %

Acquired properties (5) 1 142 100.0% 100.0% 4,959 2,652 1.1 %

Total Defense/IT Portfolio 202 23,316 95.1% 96.4% 671,613 218,464 92.8 %

Other 6 1,987 83.1% 85.4% 72,886 16,843 7.2 %

Total Portfolio 208 25,303 94.1% 95.6% $ 744,499 $ 235,307 100.0 %

Consolidated Portfolio 184 21,008 92.9% 94.7% $ 735,587 $ 231,201 98.3 %

(1)Percentages calculated based on operational square feet.

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

(3)Refer to the section entitled “Supplementary Reconciliations of Non-GAAP Measures” for reconciliation.

(4)Newly developed or redeveloped properties placed in service that were not fully operational by 1/1/25.

(5)Includes an operating property acquired in 2025. Also includes NOI from real estate operations associated with a parcel of land subject to a ground lease that we acquired on 4/23/26 and recognized as an investment in a sales-type lease (see page 25).

2Q 2026 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

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25

Defense/IT Portfolio

Fort Meade/BW Corridor 95 9,256 93.6 % 93.4 % 93.6 % 94.3 % 94.4 % 93.5 % 94.6 %

Redstone Arsenal 24 2,475 96.6 % 96.0 % 96.6 % 96.0 % 95.5 % 96.3 % 95.1 %

NoVA Defense/IT 16 2,502 93.5 % 93.3 % 92.8 % 93.1 % 92.5 % 93.5 % 92.4 %

Lackland Air Force Base 9 1,142 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 97.7 %

Navy Support 22 1,271 86.4 % 86.8 % 85.8 % 83.5 % 83.4 % 86.6 % 82.7 %

Data Center Shells

Consolidated properties 7 1,629 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

Unconsolidated JV properties 24 4,295 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

Total Defense/IT Portfolio 197 22,570 95.5 % 95.4 % 95.4 % 95.5 % 95.4 % 95.5 % 95.3 %

Other 6 1,987 82.9 % 79.2 % 76.8 % 76.2 % 75.6 % 81.1 % 74.5 %

Total Same Property 203 24,557 94.5 % 94.1 % 93.9 % 94.0 % 93.8 % 94.3 % 93.6 %

Same Property (1) Period End Occupancy Rates by Segment

(square feet in thousands)

# of Properties Operational Square Feet

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25

Defense/IT Portfolio

Fort Meade/BW Corridor 95 9,256 93.5 % 93.5 % 93.6 % 94.1 % 94.5 %

Redstone Arsenal 24 2,475 97.7 % 96.0 % 96.0 % 95.7 % 95.7 %

NoVA Defense/IT 16 2,502 93.2 % 93.5 % 93.1 % 93.0 % 93.1 %

Lackland Air Force Base 9 1,142 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

Navy Support 22 1,271 86.2 % 88.2 % 86.9 % 83.9 % 84.0 %

Data Center Shells

Consolidated properties 7 1,629 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

Unconsolidated JV properties 24 4,295 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

Total Defense/IT Portfolio 197 22,570 95.6 % 95.5 % 95.4 % 95.4 % 95.6 %

Other 6 1,987 83.1 % 79.7 % 76.6 % 76.8 % 76.2 %

Total Same Property 203 24,557 94.5 % 94.2 % 93.9 % 93.9 % 94.0 %

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

2Q 2026 Supplemental Information Package

COPT Defense Properties

Same Property Real Estate Revenues + NOI by Segment

(in thousands)

Three Months Ended Six Months Ended

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25

Same Property real estate revenues

Defense/IT Portfolio

Fort Meade/BW Corridor $ 81,931 $ 87,534 $ 82,215 $ 81,756 $ 81,337 $ 169,465 $ 165,945

Redstone Arsenal 19,591 20,133 19,302 19,128 18,879 39,724 35,278

NoVA Defense/IT 22,839 23,405 22,349 22,343 22,018 46,244 45,180

Lackland Air Force Base 19,552 18,354 20,639 18,554 17,475 37,906 33,886

Navy Support 9,523 8,992 8,621 8,727 8,258 18,515 16,218

Data Center Shells-Consolidated 12,509 11,393 11,101 10,715 10,644 23,902 21,509

Total Defense/IT Portfolio 165,945 169,811 164,227 161,223 158,611 335,756 318,016

Other 16,282 17,245 16,889 16,419 16,291 33,527 31,966

Same Property real estate revenues $ 182,227 $ 187,056 $ 181,116 $ 177,642 $ 174,902 $ 369,283 $ 349,982

Same Property NOI from real estate operations (“NOI”)

Defense/IT Portfolio

Fort Meade/BW Corridor $ 53,546 $ 51,098 $ 52,067 $ 53,317 $ 54,442 $ 104,644 $ 107,120

Redstone Arsenal 13,019 12,982 12,472 11,962 12,707 26,001 22,817

NoVA Defense/IT 13,866 13,429 13,318 13,453 13,160 27,295 26,232

Lackland Air Force Base 9,703 9,356 9,059 8,310 8,233 19,059 15,645

Navy Support 5,420 4,632 4,807 4,710 4,403 10,052 8,197

Data Center Shells

Consolidated properties 9,057 9,051 9,022 9,014 8,861 18,108 17,873

COPT Defense’s share of unconsolidated real estate JVs 2,050 2,056 2,083 1,864 1,870 4,106 3,759

Total Defense/IT Portfolio 106,661 102,604 102,828 102,630 103,676 209,265 201,643

Other 8,306 7,777 8,129 8,647 8,231 16,083 17,310

Same Property NOI (1) $ 114,967 $ 110,381 $ 110,957 $ 111,277 $ 111,907 $ 225,348 $ 218,953

(1)Refer to the section entitled “Supplementary Reconciliations of Non-GAAP Measures” for reconciliation.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Same Property Cash NOI by Segment

(dollars in thousands)

Three Months Ended Six Months Ended

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25

Same Property cash NOI from real estate operations (“cash NOI”)

Defense/IT Portfolio

Fort Meade/BW Corridor $ 54,484 $ 50,917 $ 52,766 $ 53,057 $ 51,642 $ 105,401 $ 101,746

Redstone Arsenal 10,873 10,105 9,824 9,549 10,255 20,978 18,981

NoVA Defense/IT 14,701 14,085 13,945 13,669 12,717 28,786 24,980

Lackland Air Force Base 9,121 9,606 8,947 8,863 8,846 18,727 16,932

Navy Support 5,754 4,744 4,627 4,155 4,215 10,498 8,048

Data Center Shells

Consolidated properties 8,400 8,345 8,247 8,218 7,521 16,745 14,523

COPT Defense’s share of unconsolidated real estate JVs 1,763 1,701 1,682 1,655 1,651 3,464 3,279

Total Defense/IT Portfolio 105,096 99,503 100,038 99,166 96,847 204,599 188,489

Other 7,156 6,750 6,628 7,698 7,672 13,906 16,822

Same Property cash NOI (1) $ 112,252 $ 106,253 $ 106,666 $ 106,864 $ 104,519 $ 218,505 $ 205,311

Percentage change in total Same Property cash NOI (1)(2) 7.4% 6.4%

Percentage change in Defense/IT Portfolio Same Property cash NOI (2) 8.5% 8.5%

(1)Refer to the section entitled “Supplementary Reconciliations of Non-GAAP Measures” for reconciliation.

(2)Represents the change between the current period and the same period in the prior year.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Leasing (1)(2)

Three Months Ended 6/30/26

(square feet in thousands)

Defense/IT Portfolio

Ft Meade/BW Corridor Redstone Arsenal NoVA Defense/IT Navy Support Total Defense/IT Portfolio Other Total

Renewed Space

Leased Square Feet 116 123 10 95 344 3 347

Expiring Square Feet 237 123 33 112 505 3 508

Vacating Square Feet 121 — 23 16 160 — 160

Retention Rate (% based upon square feet) 49.1 % 100.0 % 29.4 % 85.6 % 68.2 % 100.0 % 68.4 %

Statistics for Completed Leasing

Per Annum Average Committed Cost per Square Foot $ 1.38 $ 0.79 $ 2.44 $ 0.29 $ 0.89 $ 3.11 $ 0.91

Weighted Average Lease Term in Years 3.8 3.0 2.8 1.7 2.9 3.0 2.9

Straight-line Rent Per Square Foot

Renewal Straight-line Rent $ 41.52 $ 25.75 $ 45.77 $ 23.65 $ 31.07 $ 32.17 $ 31.08

Expiring Straight-line Rent $ 40.35 $ 24.52 $ 40.05 $ 22.54 $ 29.77 $ 29.51 $ 29.76

Change in Straight-line Rent 2.9 % 5.0 % 14.3 % 4.9 % 4.4 % 9.0 % 4.4 %

Cash Rent Per Square Foot

Renewal Cash Rent $ 42.28 $ 26.54 $ 44.96 $ 23.88 $ 31.65 $ 31.07 $ 31.64

Expiring Cash Rent $ 41.78 $ 27.14 $ 44.48 $ 24.06 $ 31.73 $ 30.02 $ 31.71

Change in Cash Rent 1.2 % (2.2 %) 1.1 % (0.8 %) (0.3 %) 3.5 % (0.2 %)

Compound Annual Growth Rate 3.9 % 3.4 % 3.8 % 2.2 % 3.2 % 7.1 % 3.3 %

Average Escalations Per Year 2.5 % 2.5 % 1.8 % 2.5 % 2.5 % 3.5 % 2.5 %

New Leases

Investment Space

Leased Square Feet — 32 — — 32 — 32

Statistics for Completed Leasing

Per Annum Average Committed Cost per Square Foot $ — $ 8.63 $ — $ — $ 8.63 $ — $ 8.63

Weighted Average Lease Term in Years — 10.0 — — 10.0 — 10.0

Straight-line Rent Per Square Foot $ — $ 40.67 $ — $ — $ 40.67 $ — $ 40.67

Cash Rent Per Square Foot $ — $ 38.00 $ — $ — $ 38.00 $ — $ 38.00

Vacant Space

Leased Square Feet 46 30 31 11 118 21 139

Statistics for Completed Leasing

Per Annum Average Committed Cost per Square Foot $ 6.15 $ 12.17 $ 14.04 $ 5.00 $ 9.65 $ 7.48 $ 9.33

Weighted Average Lease Term in Years 5.1 5.0 10.8 6.5 6.7 8.5 7.0

Straight-line Rent Per Square Foot $ 27.97 $ 34.04 $ 43.65 $ 35.14 $ 34.32 $ 30.07 $ 33.69

Cash Rent Per Square Foot $ 28.81 $ 34.08 $ 41.71 $ 34.16 $ 34.05 $ 29.00 $ 33.30

Total Square Feet Leased 162 185 41 106 494 24 518

Average Escalations Per Year 2.6 % 2.5 % 2.5 % 2.7 % 2.5 % 2.8 % 2.6 %

(1)Activity excludes owner occupied space, leases with less than a one-year term and expirations associated with space removed from service. Weighted average lease term is based on the term defined in the lease assuming no exercise of early termination rights. Committed costs for leasing are reported above in the period of lease execution. Actual capital expenditures for leasing are reported on page 10 in the period such costs are incurred.

(2)Refer to the section entitled “Definitions” for definitions of certain terms on this schedule.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Leasing (1)(2)

Six Months Ended 6/30/26

(square feet in thousands)

Defense/IT Portfolio

Ft Meade/BW Corridor Redstone Arsenal NoVA Defense/IT Lackland Air Force Base Navy Support Total Defense/IT Portfolio Other Total

Renewed Space

Leased Square Feet 249 142 41 953 120 1,505 5 1,510

Expiring Square Feet 452 142 70 953 165 1,781 7 1,789

Vacating Square Feet 202 — 29 — 45 276 2 278

Retention Rate (% based upon square feet) 55.4 % 100.0 % 58.5 % 100.0 % 72.6 % 84.5 % 66.9 % 84.4 %

Statistics for Completed Leasing

Per Annum Average Committed Cost per Square Foot $ 1.03 $ 0.77 $ 6.87 $ 2.14 $ 0.33 $ 1.81 $ 1.91 $ 1.81

Weighted Average Lease Term in Years 3.6 2.8 5.3 4.6 2.4 4.1 2.2 4.1

Straight-line Rent Per Square Foot

Renewal Straight-line Rent $ 35.55 $ 26.49 $ 39.22 $ 67.05 $ 21.74 $ 53.64 $ 28.64 $ 53.55

Expiring Straight-line Rent $ 34.42 $ 25.30 $ 33.83 $ 59.50 $ 21.24 $ 48.37 $ 26.26 $ 48.30

Change in Straight-line Rent 3.3 % 4.7 % 15.9 % 12.7 % 2.4 % 10.9 % 9.1 % 10.9 %

Cash Rent Per Square Foot

Renewal Cash Rent $ 35.47 $ 27.12 $ 38.98 $ 65.65 $ 22.33 $ 52.83 $ 27.97 $ 52.75

Expiring Cash Rent $ 35.35 $ 27.63 $ 38.05 $ 63.01 $ 22.57 $ 51.18 $ 27.32 $ 51.11

Change in Cash Rent 0.3 % (1.9 %) 2.4 % 4.2 % (1.1 %) 3.2 % 2.4 % 3.2 %

Compound Annual Growth Rate 4.3 % 3.8 % 4.2 % 6.3 % 1.3 % 5.3 % 5.2 % 5.3 %

Average Escalations Per Year 3.5 % 2.5 % 2.5 % 3.0 % 2.5 % 3.0 % 3.5 % 3.0 %

New Leases

Investment Space

Leased Square Feet 384 32 — — — 416 — 416

Statistics for Completed Leasing

Per Annum Average Committed Cost per Square Foot $ 4.16 $ 8.63 $ — $ — $ — $ 4.50 $ — $ 4.50

Weighted Average Lease Term in Years 13.4 10.0 — — — 13.1 — 13.1

Straight-line Rent Per Square Foot $ 54.76 $ 40.67 $ — $ — $ — $ 53.68 $ — $ 53.68

Cash Rent Per Square Foot $ 48.05 $ 38.00 $ — $ — $ — $ 47.28 $ — $ 47.28

Vacant Space

Leased Square Feet 115 35 31 — 25 206 25 231

Statistics for Completed Leasing

Per Annum Average Committed Cost per Square Foot $ 5.35 $ 10.93 $ 14.04 $ — $ 4.77 $ 7.55 $ 8.13 $ 7.61

Weighted Average Lease Term in Years 6.1 4.9 10.8 — 6.7 6.7 7.9 6.8

Straight-line Rent Per Square Foot $ 27.14 $ 33.25 $ 43.65 $ — $ 28.58 $ 30.86 $ 29.74 $ 30.73

Cash Rent Per Square Foot $ 28.26 $ 33.12 $ 41.71 $ — $ 28.03 $ 31.10 $ 28.95 $ 30.86

Total Square Feet Leased 748 209 72 953 145 2,127 30 2,157

Average Escalations Per Year 2.8 % 2.5 % 2.5 % 3.0 % 2.7 % 2.8 % 2.8 % 2.8 %

(2)Refer to the section entitled “Definitions” for definitions of certain terms on this schedule.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Lease Expiration Analysis as of 6/30/26 (1)

(dollars and square feet in thousands, except per square foot amounts)

Segment of Lease and Year of Expiration (2) Square Footage of Leases Expiring Annualized Rental

Revenue of Expiring Leases (3) % of Defense/IT

Annualized

Rental

Revenue

Expiring (3) Annualized Rental

Revenue of

Expiring Leases per Occupied Sq. Foot (3)

Defense/IT Portfolio

Fort Meade/BW Corridor 1,237 $ 57,709 8.6 % $ 46.62

Redstone Arsenal 4 131 — % 33.69

NoVA Defense/IT 44 1,299 0.2 % 29.47

Lackland Air Force Base 40 1,303 0.2 % 32.75

Navy Support 45 1,528 0.2 % 33.60

2026 1,370 61,970 9.2 % 45.20

Fort Meade/BW Corridor 1,086 42,690 6.4 % 39.30

Redstone Arsenal 61 1,901 0.3 % 30.93

NoVA Defense/IT 119 4,269 0.6 % 35.89

Navy Support 280 9,980 1.5 % 35.68

Data Center Shells-Unconsolidated JV Properties 364 593 0.1 % 16.28

2027 1,910 59,433 8.8 % 37.55

Fort Meade/BW Corridor 2,032 79,372 11.8 % 38.99

Redstone Arsenal 137 3,959 0.6 % 28.98

NoVA Defense/IT 410 18,030 2.7 % 43.97

Navy Support 175 4,908 0.7 % 28.06

Data Center Shells-Unconsolidated JV Properties 515 952 0.1 % 18.47

2028 3,269 107,221 16.0 % 38.17

Fort Meade/BW Corridor 1,237 43,428 6.5 % 35.07

Redstone Arsenal 464 10,492 1.6 % 22.53

NoVA Defense/IT 728 29,374 4.4 % 40.35

Navy Support 137 4,210 0.6 % 30.67

Data Center Shells-Unconsolidated JV Properties 992 2,419 0.4 % 24.39

2029 3,558 89,923 13.4 % 33.71

Fort Meade/BW Corridor 1,108 37,608 5.6 % 33.85

Redstone Arsenal 246 7,005 1.0 % 28.43

NoVA Defense/IT 116 4,584 0.7 % 39.46

Lackland Air Force Base 703 48,358 7.2 % 68.82

Navy Support 67 1,939 0.3 % 29.10

Data Center Shells-Unconsolidated JV Properties 432 884 0.1 % 20.45

2030 2,672 100,378 14.9 % 43.92

Thereafter

Consolidated Properties 7,395 248,623 37.0 % 32.88

Unconsolidated JV Properties 1,992 4,065 0.6 % 20.41

Total Defense/IT Portfolio 22,166 $ 671,613 100.0 % $ 36.38

2Q 2026 Supplemental Information Package

COPT Defense Properties

Lease Expiration Analysis as of 6/30/26 (1) (continued)

(dollars and square feet in thousands, except per square foot amounts)

Segment of Lease and Year of Expiration (2) Square Footage of Leases Expiring Annualized Rental

Revenue of Expiring Leases (3) % of Total

Annualized

Rental

Revenue

Expiring (3) Annualized Rental

Revenue of

Expiring Leases per Occupied Sq. Foot (3)

Total Defense/IT Portfolio 22,166 $ 671,613 90.2 % $ 36.38

Other

2026 86 65 — % 0.76

2027 98 4,490 0.6 % 45.10

2028 264 17,440 2.3 % 38.49

2029 160 6,931 0.9 % 43.25

2030 33 1,262 0.2 % 38.51

Thereafter 1,010 42,698 5.7 % 42.24

Total Other 1,651 72,886 9.8 % 39.66

Total Portfolio 23,817 $ 744,499 100.0 % $ 36.65

Consolidated Portfolio 19,522 $ 735,587

Unconsolidated JV Properties 4,295 $ 8,913

Note: As of 6/30/26, the weighted average lease term was 5.0 years for both the total and Defense/IT portfolio and 5.1 years for the consolidated portfolio.

(1)This expiration analysis reflects consolidated and unconsolidated properties and includes the effect of early renewals completed on existing leases but excludes the effect of new tenant leases on square feet yet to commence as of 6/30/26. With regard to properties owned through unconsolidated real estate JVs, the amounts reported above reflect 100% of the properties’ square footage but only reflect the portion of Annualized Rental Revenue that was allocable to our ownership interest.

(2)The year of lease expiration is based on the lease term determined in accordance with GAAP.

(3)Refer to the section entitled “Definitions” for a definition of annualized rental revenue.

2Q 2026 Supplemental Information Package

COPT Defense Properties

2026 Defense/IT Portfolio Quarterly Lease Expiration Analysis as of 6/30/26 (1)

(dollars and square feet in thousands, except per square foot amounts)

Segment of Lease and Quarter of Expiration (2) Square Footage of Leases Expiring Annualized Rental

Revenue of Expiring Leases (3) % of Defense/IT

Annualized

Rental

Revenue Expiring (3) Annualized Rental Revenue of Expiring Leases per Occupied Sq. Foot (3)

Defense/IT Portfolio

Fort Meade/BW Corridor 1,042 $ 47,228 7.0 % $ 45.30

Redstone Arsenal 4 131 — % 33.69

NoVA Defense/IT 25 914 0.1 % 37.25

Lackland Air Force Base 40 1,303 0.2 % 32.75

Navy Support 9 281 — % 31.59

Q3 2026 1,120 49,857 7.3 % 44.52

Fort Meade/BW Corridor 195 10,481 1.6 % 53.73

NoVA Defense/IT 19 385 0.1 % 19.69

Navy Support 36 1,247 0.2 % 34.09

Q4 2026 250 12,113 1.9 % 48.21

1,370 $ 61,970 9.2 % $ 45.20

(2)The period of lease expiration is based on the lease term determined in accordance with GAAP.

(3)Refer to the section entitled “Definitions” for a definition of annualized rental revenue.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Top 20 Tenants as of 6/30/26 (1)

(dollars and square feet in thousands)

Tenant Total

Annualized

Rental Revenue (2) %

of Total

Annualized

Rental Revenue (2) Occupied Square Feet Weighted Average Remaining Lease Term (3)

United States Government (4) $ 262,390 35.2 % 5,663 3.6

Fortune 100 Company 80,939 10.9 % 6,763 7.1

General Dynamics Corporation 33,796 4.5 % 657 2.6

Peraton Corp. 19,155 2.6 % 488 5.0

CACI International Inc 16,290 2.2 % 388 3.5

Northrop Grumman Corporation 15,956 2.1 % 519 5.3

The Boeing Company 15,887 2.1 % 452 2.2

Fortune 100 Company 12,310 1.7 % 183 8.3

Booz Allen Hamilton, Inc. 11,496 1.5 % 266 1.3

Morrison & Foerster, LLP 10,122 1.4 % 102 10.8

KBR, Inc. 8,543 1.1 % 284 7.6

CareFirst, Inc. 8,046 1.1 % 216 10.4

Yulista Holding, LLC 7,701 1.0 % 368 3.5

Amentum Holdings, Inc. 7,145 1.0 % 198 3.4

Mantech International Corp. 7,124 1.0 % 208 2.3

AT&T Corporation 7,038 0.9 % 313 3.4

University System of Maryland 6,784 0.9 % 180 3.8

Wells Fargo & Company 6,207 0.8 % 138 2.5

Lockheed Martin Corporation 6,070 0.8 % 194 4.1

The MITRE Corporation 4,982 0.7 % 139 3.7

Subtotal Top 20 Tenants 547,981 73.5 % 17,719 5.1

All remaining tenants 196,518 26.5 % 6,098 4.8

Total / Weighted Average $ 744,499 100.0 % 23,817 5.0

(1)For properties owned through unconsolidated real estate JVs, includes our share of those properties’ ARR of $8.9 million (see page 34 for additional information).

(2)Refer to the section entitled “Definitions” for a definition of annualized rental revenue.

(3)Weighted average remaining lease term is based on the lease term determined in accordance with GAAP. The weighting of the lease term was computed based on occupied square feet (excluding leases not associated with square feet, such as ground leases).

(4)Substantially all of our government leases are subject to early termination provisions which are customary in government leases. As of 6/30/26, $6.7 million of our ARR was through the General Services Administration (GSA), representing 2.6% of our ARR from the United States Government and 0.9% of our total ARR.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Summary of Acquisition

(dollars and square feet in thousands)

Property Property Segment/Sub-Segment Location Transaction

Date Transaction Value (1)

Quarter Ended 6/30/26

Mission Ridge (1) NoVA Defense/IT Chantilly, VA 4/23/26 $ 43,000

(1)This 17 acre land parcel is subject to a ground lease underlying two fully-leased operating properties located at 15020 and 15030 Conference Center Drive in Chantilly, Virginia and recognized as an investment in a sales-type lease.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Summary of Development Projects as of 6/30/26 (1)

(dollars and square feet in thousands)

Total Rentable Square Feet

% Leased as of 6/30/26

as of 6/30/26 (2)

Actual or Anticipated Shell Completion Date Anticipated Operational Date (3)

Anticipated Total Cost Cost to Date

Property and Segment/Sub-Segment Location

Defense/IT Portfolio

Fort Meade/BW Corridor

4400 River Road College Park, MD 110 100% $ 66,266 $ 11,493 2Q 27 3Q 27

620 Guardian Way Annapolis Junction, MD 236 100% 145,970 25,307 3Q 28 3Q 28

Fort Meade/BW Corridor Subtotal / Average 346 100% 212,236 36,800

Redstone Arsenal

7700 Advanced Gateway Huntsville, AL 101 100% 32,760 16,276 1Q 27 1Q 27

8500 Advanced Gateway Huntsville, AL 155 41% 52,596 34,805 2Q 26 2Q 27

410 Goss Road Huntsville, AL 151 0% 55,003 17,823 3Q 27 3Q 28

Redstone Arsenal Subtotal / Average 407 40% 140,359 68,904

Lackland Air Force Base

Project EL 2 San Antonio, TX 132 100% 87,600 9,482 4Q 27 4Q 27

Total Defense/IT Portfolio Under Development 885 73% $ 440,195 $ 115,186

(1)Includes properties under, or contractually committed for, development as of 6/30/26.

(2)Cost includes land, development, leasing costs, and allocated portion of structured parking and other shared infrastructure, if applicable.

(3)Anticipated operational date is the earlier of the estimated date when leases have commenced on 100% of a property’s space or one year from the cessation of major construction activities.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Development Placed in Service as of 6/30/26

(square feet in thousands)

Square Feet Placed in Service

Total Space Placed in Service % Leased as of 6/30/26

Total Property

Property Segment/Sub-Segment

% Leased as of 6/30/26

Rentable Square Feet 2026

Property and Location 1st Quarter 2nd Quarter

Total 2026

400 National Business Parkway

Annapolis Junction, MD

Fort Meade/BW Corridor 100% 148 — 148 148 100%

2Q 2026 Supplemental Information Package

COPT Defense Properties

Summary of Land Owned/Controlled as of 6/30/26 (1)

(dollars and square feet in thousands)

Location Acres Estimated Developable Square Feet Carrying Amount

Defense/IT Portfolio land owned/controlled for future development

Fort Meade/BW Corridor

National Business Park (Annapolis Junction, MD) 136 1,067

Howard County, MD 19 290

Other (2) 92 778

Total Fort Meade/BW Corridor 247 2,135

Redstone Arsenal (3) 271 2,949

NoVA Defense/IT 29 1,739

Navy Support 36 57

Data Center Shells 365 3,300

Total Defense/IT Portfolio land owned/controlled for future development 948 10,180 $ 172,494

Other land owned/controlled (4) 10 900 6,016

Land held, net (2) 958 11,080 $ 178,510

(1)This non-operational land inventory schedule includes properties under ground lease to us and excludes all properties listed as development as detailed on page 26. The costs associated with the land included on this summary are reported on our consolidated balance sheet in the line entitled “land held.”

(2)Excludes land in Hanover, Maryland classified as assets held for sale on our consolidated balance sheet.

(3)This land is controlled under a long-term master lease agreement to LW Redstone Company, LLC, a consolidated JV (see page 33). As this land is developed in the future, the JV will execute site-specific leases under the master lease agreement. Lease payments will commence under the site-specific leases as cash rents under tenant leases commence at the respective properties.

(4)Includes effect of our sale of non-operating properties in Aberdeen, Maryland for $8.5 million on 5/1/26.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Capitalization Overview

(dollars, shares and units in thousands)

Wtd. Avg. Maturity (Years) (1) Stated Rate Effective Rate

(2)(3)

Amount Outstanding at 6/30/26

Debt

Unsecured debt 4.3 3.52 % 3.72 % $ 2,467,000

Secured debt 4.0 4.99 % 4.85 % 146,040

Total Consolidated Debt 4.3 3.60 % 3.78 % $ 2,613,040

Fixed-rate debt (3) 4.4 3.37 % 3.60 % $ 2,155,040

Variable-rate debt (3) 3.9 4.67 % 4.66 % 458,000

Total Consolidated Debt $ 2,613,040

Common Equity

Common Shares 113,412

Common Units (4) 2,458

Total Common Shares and Units 115,870

Closing Common Share Price on 6/30/26

$ 36.39

Equity Market Capitalization (5) $ 4,216,509

Total Market Capitalization (5) $ 6,829,549

(1)Calculated assuming exercise of extension options on our Revolving Credit Facility, term loan, and Revolving Development Facility.

(2)Excludes the effect of deferred financing cost amortization.

(3)Includes the effect of an interest rate swap with a notional amount totaling $10.0 million that hedges the risk of changes in interest rates on variable-rate debt.

(4)Includes certain unvested share-based compensation awards in the form of profit interest units.

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

Investment Grade Ratings & Outlook Latest Report

Fitch BBB- Stable 2/25/26

Moody’s Baa2 Stable 3/12/26

S&P BBB- Stable 4/11/25

2Q 2026 Supplemental Information Package

COPT Defense Properties

Summary of Outstanding Debt as of 6/30/26

(dollars in thousands)

Stated Rate Amount Outstanding Maturity Date Debt Summary Stated Rate Amount Outstanding

Unsecured Debt Total Unsecured Debt 3.52% $ 2,467,000

Revolving Credit Facility SOFR+0.85% $ 272,000 Oct-29 (1)(2) Total Secured Debt 4.99% 146,040

Senior Unsecured Notes Consolidated Debt 3.60% $ 2,613,040

5.25% due 2028 5.25% 345,000 Sep-28 (3)

2.00% due 2029 2.00% 400,000 Jan-29 Debt per balance sheet $ 2,592,436

4.50% due 2030 4.50% 400,000 Oct-30 Net discounts and commissions and deferred financing costs 20,604

2.75% due 2031 2.75% 600,000 Apr-31 Consolidated Debt 2,613,040

2.90% due 2033 2.90% 400,000 Dec-33 COPT Defense’s share of unconsolidated JV gross secured debt (7) 75,250

Subtotal - Senior Unsecured Notes 3.37% 2,145,000 Gross debt $ 2,688,290

Unsecured Bank Term Loan SOFR+1.05% 50,000 Jan-27 (2)(4)

Total Unsecured Debt 3.52% $ 2,467,000

Secured Debt

Revolving Development Facility SOFR+1.35% $ 136,000 Oct-29 (2)(5)

M Square

5801 University Research Court (2)(6) SOFR

+0.10%+1.45% 10,040 Aug-26

Total Secured Debt 4.99% $ 146,040

(1)The Revolving Credit Facility matures in October 2029 and may be extended by two six-month periods at our option.

(2)Pre-payable anytime without penalty.

(3)These notes are due in 2028 unless earlier exchanged, redeemed, or repurchased only in the event of certain circumstances and during certain periods defined under the terms of the notes. Upon exchange of the notes, the principal amount of notes exchanged is payable in cash, with the remainder of the exchange obligation, if any, payable in cash, common shares, or a combination thereof at our election.

(4)The term loan matures in January 2027 and may be extended by a 12-month period at our option.

(5)The Revolving Development Facility matures in October 2029 and may be extended by a 12-month period at our option.

(6)This property is owned through a consolidated JV.

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

2Q 2026 Supplemental Information Package

COPT Defense Properties

Summary of Outstanding Debt as of 6/30/26 (continued)

(1)Term loan balance of $50.0 million is included in 2028 assuming our exercise of a 12-month extension option. Also included is $345.0 million principal amount of exchangeable senior notes due in 2028 unless earlier exchanged, redeemed, or repurchased only in the event of certain circumstances and during certain periods defined under the terms of the notes.

(2)Revolving Credit Facility balance of $272.0 million is included in 2030 assuming our exercise of two six-month extension options. Also included is our Revolving Development Facility balance of $136.0 million assuming our exercise of a 12-month extension option.

(3)Includes the effect of an interest rate swap with a notional amount totaling $10.0 million that hedges the risk of changes in interest rates on variable-rate debt.

(4)The interest on this debt is capitalized to our active development projects.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Debt Analysis

(dollars and square feet in thousands)

As of and for Three Months Ended

6/30/26

As of and for Three Months Ended

6/30/26

Senior Note Covenants (1) Required Line of Credit & Term Loan Covenants (1) Required

Total Debt / Total Assets < 60% 41.5% Total Debt / Total Assets < 60% 35.7%

Secured Debt / Total Assets < 40% 2.3% Secured Debt / Total Assets < 40% 2.9%

Debt Service Coverage > 1.5x 4.5x Adjusted EBITDA / Fixed Charges > 1.5x 4.8x

Unencumbered Assets / Unsecured Debt > 150% 241.4% Unsecured Debt / Unencumbered Assets < 60% 36.3%

Unencumbered Adjusted NOI / Unsecured Interest Expense > 1.75x 4.5x

Debt Ratios Page Refer. Unencumbered Portfolio Analysis

GAAP NOI from unencumbered real estate operations $ 113,042

Debt per balance sheet

$ 2,592,436 % of total NOI from real estate operations 94 %

Total assets

$ 4,515,281 Adjusted EBITDA from unencumbered real estate operations $ 103,632

Debt to assets 57.4 % % of total adjusted EBITDA from real estate operations 94 %

Net income

$ 48,559 Unencumbered adjusted book $ 6,142,829

Debt to net income ratio (2) 13.3 x % of total adjusted book 94 %

Interest expense

$ 24,444

Net income to interest expense ratio (2) 2.0 x

Non-GAAP

Net debt

$ 2,662,801

Adjusted book

$ 6,529,163

Net debt to adjusted book 40.8 %

Net debt adjusted for fully-leased investment properties

$ 2,600,243

In-place adjusted EBITDA

$ 110,680

Net debt to in-place adjusted EBITDA ratio 6.0 x

Net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio 5.9 x

Denominator for debt service coverage

$ 23,791

Denominator for fixed charge coverage

$ 25,365

Adjusted EBITDA

$ 110,680

Adjusted EBITDA debt service coverage ratio 4.7 x

Adjusted EBITDA fixed charge coverage ratio 4.4 x

(1)The covenants are calculated as defined in the applicable agreements, and the calculations differ between those agreements.

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

2Q 2026 Supplemental Information Package

COPT Defense Properties

Consolidated Real Estate Joint Ventures as of 6/30/26

(dollars and square feet in thousands)

NOI from Real Estate Operations (1) Venture Level Debt Outstanding (3) COPT Defense Nominal

Ownership %

Operating Properties Operational

Square Feet % Occupied % Leased Three Months Ended Six Months Ended Total Assets (2)

Suburban MD

M Square Associates, LLC (4 properties)

414 98.5% 98.5% $ 2,174 $ 3,817 $ 89,076 $ 10,040 50%

Huntsville, AL

LW Redstone Company, LLC (24 properties)

2,388 98.5% 99.6% 12,845 25,628 636,093 — 85% (4)

Washington, DC

Stevens Place (1 property)

188 92.2% 93.7% 2,285 4,789 143,450 — 95%

Total / Average 2,990 98.1% 99.0% $ 17,304 $ 34,234 $ 868,619 $ 10,040

Non-Operating Properties Estimated Developable Square Feet Total Assets (2) Venture Level Debt Outstanding COPT Defense Nominal Ownership %

Suburban MD

M Square Research Park 348 $ 19,079 $ — 50%

Huntsville, AL

Redstone Gateway (5) 3,356 167,062 — 85% (3)

Total 3,704 $ 186,141 $ —

(1)Represents NOI from real estate operations of the JV operating properties before allocation to JV partners.

(2)Total assets includes the assets of the consolidated JV plus any outside investment basis.

(3)Excludes debt from us to the JV, which is eliminated in the presentation of our consolidated financial statements.

(4)Our partner receives an annual priority return of 13.5% on its $9.0 million in contributed equity, plus certain fees for leasing and development, and we receive the remainder.

(5)Total assets include $66.1 million in notes receivable due from the City of Huntsville (including accrued interest and excluding allowance for credit losses) in connection with infrastructure costs funded by the JV.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Unconsolidated Real Estate Joint Ventures as of 6/30/26 (1)

(dollars and square feet in thousands)

Joint venture information

COPT Defense ownership %

10 %

COPT Defense’s investment

$ 11,224 (2)

# of Properties 24

Square Feet 4,295

% Occupied 100 %

COPT Defense’s share of ARR $ 8,913

Balance sheet information Total COPT Defense’s Share (3)

Operating properties, net $ 901,456 $ 90,146

Total assets $ 1,005,573 $ 100,557

Secured debt (4) $ 748,480 $ 74,848

Total liabilities $ 824,197 $ 82,420

Three Months Ended Six Months Ended

Operating information Total COPT Defense’s Share (3) Total COPT Defense’s Share (3)

Revenue $ 25,665 $ 2,566 $ 51,838 $ 5,183

Operating expenses (5,160) (516) (10,779) (1,077)

NOI from real estate operations and EBITDAre (5) 20,505 2,050 41,059 4,106

Interest expense (10,629) (1,062) (21,166) (2,116)

Depreciation and amortization (7,723) (726) (15,610) (1,468)

Gain on sale of real estate (6) 1,306 130 12,769 1,276

Net income $ 3,459 $ 392 $ 17,052 $ 1,798

NOI from real estate operations (per above) (5) $ 20,505 $ 2,050 $ 41,059 $ 4,106

Straight line rent adjustments (1,022) (102) (2,765) (276)

Amortization of acquired above- and below-market rents (1,850) (185) (3,654) (366)

Cash NOI from real estate operations (5) $ 17,633 $ 1,763 $ 34,640 $ 3,464

(1)Includes equity method investments in five JVs that own and operate data center shell properties.

(2)Includes $35.5 million reported in “Investment in unconsolidated real estate joint ventures” and $24.3 million for investments with deficit balances reported in “other liabilities” on our consolidated balance sheet. Investments with deficit balances are attributable to JV distributions of debt refinancing proceeds in excess of our equity in two JVs.

(3)Represents the portion allocable to our ownership interest.

(4)Maturities on JV debt range from 2029 to 2030 (assuming exercise of three one-year extension options).

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

(6)Represents gain from the sale of a right-of-way easement by one of our JVs.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Supplementary Reconciliations of Non-GAAP Measures (1)

(in thousands)

Three Months Ended Six Months Ended

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25

Net income $ 48,559 $ 40,139 $ 39,396 $ 43,744 $ 40,166 $ 88,698 $ 76,394

Construction contract and other service revenues (6,766) (6,041) (10,872) (8,485) (12,458) (12,807) (22,717)

Depreciation and other amortization associated with real estate operations 42,289 42,685 42,263 40,631 39,573 84,974 78,932

Construction contract and other service expenses 6,023 5,552 10,432 7,952 11,873 11,575 21,578

General and administrative expenses 9,237 8,456 7,943 8,483 8,202 17,693 16,350

Leasing expenses 3,089 2,994 2,896 2,449 2,613 6,083 5,612

Business development expenses and land carry costs 938 1,199 904 1,098 1,096 2,137 2,105

Interest expense 24,444 23,996 24,324 20,894 20,938 48,440 41,442

Interest and other income, net (2,973) (3,955) (5,301) (2,591) (1,223) (6,928) (2,791)

Gain on sales of real estate (6,442) (582) (32) (3,018) — (7,024) (300)

Loss on early extinguishment of debt — — 66 — — — —

Equity in income of unconsolidated entities (392) (1,406) (265) (1,815) (355) (1,798) (726)

Unconsolidated real estate JVs NOI allocable to COPT Defense included in equity in income of unconsolidated entities (2) 2,050 2,056 2,083 1,864 1,870 4,106 3,759

Income tax expense 34 124 115 612 117 158 220

NOI from real estate operations 120,090 115,217 113,952 111,818 112,412 235,307 219,858

Straight line rent adjustments and lease incentive amortization 5,737 (1,028) 3,968 5,551 (1,379) 4,709 (3,254)

Amortization of acquired above- and below-market rents 106 60 (384) 42 65 166 129

Amortization of intangibles and other assets to property operating expenses — — — — — — 98

Lease termination fees, net (808) (1,212) (859) (1,190) (729) (2,020) (1,563)

Tenant funded landlord assets and lease incentives (8,528) (4,378) (8,569) (8,888) (5,223) (12,906) (8,636)

Cash NOI adjustments in unconsolidated real estate JVs (287) (355) (401) (209) (219) (642) (480)

Sales-type lease adjustments 101 — — — — 101 —

Cash NOI from real estate operations $ 116,411 $ 108,304 $ 107,707 $ 107,124 $ 104,927 $ 224,715 $ 206,152

NOI from real estate operations (from above) $ 120,090 $ 115,217 $ 113,952 $ 111,818 $ 112,412 $ 235,307 $ 219,858

Non-Same Property NOI from real estate operations (5,123) (4,836) (2,995) (541) (505) (9,959) (905)

Same Property NOI from real estate operations 114,967 110,381 110,957 111,277 111,907 225,348 218,953

Straight line rent adjustments and lease incentive amortization 6,544 677 5,909 2,185 (1,282) 7,221 (3,093)

Amortization of acquired above- and below-market rents 125 80 (371) 41 65 205 129

Lease termination fees, net (808) (1,212) (859) (1,191) (728) (2,020) (1,562)

Tenant funded landlord assets and lease incentives (8,528) (3,318) (8,569) (5,239) (5,223) (11,846) (8,636)

Cash NOI adjustments in unconsolidated real estate JVs (287) (355) (401) (209) (220) (642) (480)

Sales-type lease adjustments 239 — — — — 239 —

Same Property Cash NOI from real estate operations $ 112,252 $ 106,253 $ 106,666 $ 106,864 $ 104,519 $ 218,505 $ 205,311

(1)Refer to the section entitled “Definitions” for definitions of non-GAAP measures.

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

2Q 2026 Supplemental Information Package

COPT Defense Properties

Supplementary Reconciliations of Non-GAAP Measures (1) (continued)

(in thousands)

Three Months Ended Six Months Ended

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25

Real estate revenues

Lease revenue

Fixed-lease revenue from operating leases $ 143,807 $ 142,389 $ 139,247 $ 135,883 $ 136,256 $ 286,196 $ 267,867

Variable-lease revenue (2) 44,322 50,504 45,684 42,315 39,264 94,826 82,881

Sales-type lease interest income 677 78 71 74 78 755 158

Total lease revenue 188,806 192,971 185,002 178,272 175,598 381,777 350,906

Other property revenue 1,820 1,625 1,483 2,038 1,859 3,445 4,148

Real estate revenues $ 190,626 $ 194,596 $ 186,485 $ 180,310 $ 177,457 $ 385,222 $ 355,054

Provision for credit (recoveries) losses on billed lease revenue $ (4) $ 84 $ 26 $ 108 $ (280) $ 80 $ 623

Total revenues $ 197,392 $ 200,637 $ 197,357 $ 188,795 $ 189,915 $ 398,029 $ 377,771

Construction contract and other service revenues (6,766) (6,041) (10,872) (8,485) (12,458) (12,807) (22,717)

Real estate revenues $ 190,626 $ 194,596 $ 186,485 $ 180,310 $ 177,457 $ 385,222 $ 355,054

Total interest expense $ 24,444 $ 23,996 $ 24,324 $ 20,894 $ 20,938 $ 48,440 $ 41,442

Less: Amortization of deferred financing costs (794) (832) (817) (657) (657) (1,626) (1,324)

Less: Amortization of net debt discounts and commissions, net of amounts capitalized (1,076) (1,217) (1,282) (1,070) (1,060) (2,293) (2,111)

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 957 947 968 898 759 1,904 1,511

Denominator for interest coverage 23,531 22,894 23,193 20,065 19,980 46,425 39,518

Scheduled principal amortization 260 397 416 458 457 657 918

Denominator for debt service coverage 23,791 23,291 23,609 20,523 20,437 47,082 40,436

Capitalized interest, excluding amortization of deferred financing costs 1,574 1,679 1,714 1,292 1,126 3,253 2,053

Denominator for fixed charge coverage $ 25,365 $ 24,970 $ 25,323 $ 21,815 $ 21,563 $ 50,335 $ 42,489

Dividends on unrestricted common and deferred shares $ 36,140 $ 36,134 $ 34,414 $ 34,332 $ 34,324 $ 72,274 $ 68,642

Distributions on unrestricted common units 717 711 573 658 666 1,428 1,327

Dividends and distributions on restricted shares and units 247 267 205 209 218 514 454

Total dividends and distributions for GAAP payout ratio 37,104 37,112 35,192 35,199 35,208 74,216 70,423

Dividends and distributions on antidilutive shares and units (236) (257) (198) (202) (194) (493) (407)

Dividends and distributions for non-GAAP payout ratios $ 36,868 $ 36,855 $ 34,994 $ 34,997 $ 35,014 $ 73,723 $ 70,016

(1)Refer to the section entitled “Definitions” for definitions of non-GAAP measures.

(2)Represents primarily lease revenue associated with property operating expense reimbursements from tenants.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Supplementary Reconciliations of Non-GAAP Measures (1) (continued)

(in thousands)

6/30/26 3/31/26 12/31/25 9/30/25 6/30/25

Total assets $ 4,515,281 $ 4,458,909 $ 4,701,790 $ 4,351,432 $ 4,286,950

Accumulated depreciation 1,759,411 1,721,016 1,682,367 1,644,472 1,608,032

Accumulated amortization of intangibles on property acquisitions and deferred leasing costs 224,598 227,989 228,656 226,312 225,192

COPT Defense’s share of liabilities of unconsolidated real estate JVs 82,420 82,353 82,039 82,430 61,026

COPT Defense’s share of accumulated depreciation and amortization of unconsolidated real estate JVs 16,497 16,583 16,000 15,197 14,407

Less: Property - operating lease liabilities (42,485) (43,768) (45,012) (46,203) (47,372)

Less: Property - finance lease liabilities (1,070) (752) (363) (370) (377)

Less: Cash and cash equivalents (24,157) (28,580) (274,986) (23,687) (21,288)

Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,332) (1,230) (1,898) (2,080) (1,944)

Adjusted book $ 6,529,163 $ 6,432,520 $ 6,388,593 $ 6,247,503 $ 6,124,626

Gross debt (page 30)

$ 2,688,290 $ 2,644,154 $ 2,866,550 $ 2,537,891 $ 2,512,850

Less: Cash and cash equivalents (24,157) (28,580) (274,986) (23,687) (21,288)

Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,332) (1,230) (1,898) (2,080) (1,944)

Net debt 2,662,801 2,614,344 2,589,666 2,512,124 2,489,618

Costs incurred on fully-leased development properties (62,558) (82,576) (8,226) (83,794) (60,302)

Net debt adjusted for fully-leased investment properties $ 2,600,243 $ 2,531,768 $ 2,581,440 $ 2,428,330 $ 2,429,316

(1)Refer to the section entitled “Definitions” for definitions of non-GAAP measures.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Definitions

Non-GAAP Measures

We believe that the measures defined below that are not determined in accordance with generally accepted accounting principles (“GAAP”) are helpful to investors in measuring our performance and comparing it to that of other real estate investment trusts (“REITs”). Since these measures exclude certain items includable in their respective most comparable GAAP measures, reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP and non-GAAP measures. These measures should not be used as an alternative to the respective most comparable GAAP measures when evaluating our financial performance or to cash flow from operating, investing, and financing activities when evaluating our liquidity or ability to make cash distributions or pay debt service.

Adjusted book

Total assets presented on our consolidated balance sheet, net of lease liabilities associated with property right-of-use assets, and excluding the effect of cash and cash equivalents, accumulated depreciation on real estate properties, accumulated amortization of intangible assets on real estate acquisitions, accumulated amortization of deferred leasing costs and unconsolidated real estate joint ventures (“JVs”) cash and cash equivalents, liabilities, and accumulated depreciation and amortization (of intangibles on property acquisitions and deferred leasing costs) allocable to our ownership interest in the JVs. We use adjusted book for purposes of calculating our net debt to adjusted book, which we believe is a useful supplemental measure for investors to use in further understanding the relationship of our outstanding debt to our assets available to service such debt. We believe that total assets is the most directly comparable GAAP measure to this non-GAAP measure.

Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”)

Net income or loss adjusted for the effects of interest expense, depreciation and amortization, gain on sales and impairment losses of real estate and investments in unconsolidated real estate JVs, gain or loss on early extinguishment of debt, loss on interest rate derivatives, net gain or loss on other investments, credit loss expense or recoveries, operating property acquisition costs, income taxes, business development expenses, demolition costs on redevelopment and nonrecurring improvements, executive transition costs, and certain other expenses that we believe are not relevant to an investor’s evaluation of our ability to repay debt. Adjusted EBITDA also includes adjustments to net income or loss for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. While EBITDA (earnings before interest, taxes, depreciation, and amortization) is a universally-defined supplemental measure, Adjusted EBITDA incorporates additional adjustments for gains and losses from investing and financing activities and certain other items that we believe represent costs that are not closely correlated to (or associated with) our operating performance and are not relevant to an investor’s evaluation of our ability to repay debt. We believe that adjusted EBITDA is a useful supplemental measure for assessing our un-levered performance and

ability to repay outstanding debt from operations. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Adjusted EBITDA debt service coverage ratio

Adjusted EBITDA divided by the sum of interest expense (excluding amortization of deferred financing costs and amortization of debt discounts, commissions, and premiums, net of amounts capitalized, and gains or losses on interest rate derivatives) and scheduled principal amortization on mortgage loans.

Amortization of acquisition intangibles included in NOI

Amortization of intangible asset and liability categories that is included in net operating income, including amortization of above- or below-market leases and above- or below-market cost arrangements.

Basic FFO available to common share and common unit holders (“Basic FFO”)

FFO adjusted to subtract (1) preferred share dividends, (2) income or loss attributable to noncontrolling interests through ownership of preferred units in COPT Defense Properties, L.P. (the “Operating Partnership”) or interests in other consolidated entities not owned by us, (3) depreciation and amortization allocable to noncontrolling interests in other consolidated entities, (4) Basic FFO allocable to share-based compensation awards, and (5) issuance costs associated with redeemed preferred shares. With these adjustments, Basic FFO represents FFO available to common shareholders and holders of common units in the Operating Partnership (“common units”). Common units are substantially similar to our common shares of beneficial interest (“common shares”) and are exchangeable into common shares, subject to certain conditions. We believe that Basic FFO is useful to investors due to the close correlation of common units to common shares. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Cash net operating income (“Cash NOI”)

NOI from real estate operations adjusted: to eliminate the effects of straight-line rental adjustments, amortization of tenant incentives, amortization of intangibles and other assets included in FFO and NOI, lease termination fees from tenants to terminate their lease obligations prior to the end of the agreed upon lease terms, and rental revenue recognized under GAAP resulting from landlord assets and lease incentives funded by tenants; and prospectively effective 4/1/26, for our investments in sales-type leases, to reflect scheduled lease payments, resulting in adjustments to include lease receivable principal amortization and exclude accretion of unguaranteed residual assets (this change was made prospectively effective 4/1/26 since these adjustments were not material until our acquisition of an investment in a sales-type lease on 4/23/26). Cash NOI also includes adjustments to NOI from real estate operations for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. Under GAAP, rental revenue is recognized evenly over the term of tenant leases (through straight-line rental adjustments and amortization of tenant incentives), which, given

2Q 2026 Supplemental Information Package

COPT Defense Properties

Definitions

the long term nature of our leases, does not align with the economics of when tenant payments are due to us under the arrangements. Also under GAAP, when a property is acquired, we allocate the acquisition to certain intangible components, which are then amortized into NOI over their estimated lives, even though the resulting revenue adjustments are not reflective of our lease economics. In addition, revenue from lease termination fees and tenant-funded landlord improvements, absent an adjustment from us, would result in large one-time lump sum amounts in Cash NOI that we do not believe are reflective of a property’s long-term value. We believe that Cash NOI is a useful supplemental measure of operating performance for a REIT’s operating real estate because it makes adjustments to NOI for the above stated items to be more reflective of the economics of when tenant payments are due to us under our leases and the value of our properties. As is the case with NOI, the measure is useful in our opinion in evaluating and comparing the performance of reportable segments, Same Property groupings, and individual properties. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

COPT Defense’s share of NOI from unconsolidated real estate JVs

Net of revenues and property operating expenses of real estate operations owned through unconsolidated JVs that are allocable to COPT Defense’s ownership interest. This measure is included in the computation of NOI, our segment performance measure, as discussed below.

Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”)

Diluted FFO, as adjusted for comparability, adjusted for the following: (1) the elimination of the effect of (a) noncash rental revenues and property operating expenses (comprised of straight-line rental adjustments, which includes the amortization of recurring tenant incentives, and amortization of acquisition intangibles included in FFO and NOI, both of which are described under “Cash NOI” above), (b) share-based compensation, net of amounts capitalized, (c) amortization of deferred financing costs, (d) amortization of debt discounts, commissions, and premiums, and (e) amortization of settlements of debt hedges; (2) replacement capital expenditures (defined below); and (3) prospectively effective 4/1/26, for our investments in sales-type leases, to reflect scheduled lease payments, resulting in adjustments to include lease receivable principal amortization and exclude accretion of unguaranteed residual assets (this change was made prospectively effective 4/1/26 since these adjustments were not material until our acquisition of an investment in a sales-type lease on 4/23/26). Diluted AFFO also includes adjustments to Diluted FFO, as adjusted for comparability for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that Diluted AFFO is a useful supplemental measure of operating performance for a REIT because it incorporates adjustments for: certain revenue and expenses that are not associated with cash to or from us during the period; and certain capital expenditures for operating properties incurred during the period that do require cash outlays. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Diluted FFO available to common share and common unit holders (“Diluted FFO”)

Basic FFO adjusted to add back any changes in Basic FFO that would result from the assumed conversion of securities that are convertible or exchangeable into common shares. The computation of Diluted FFO assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase Diluted FFO per share in a given period. We believe that Diluted FFO (which includes discontinued operations, if any) is useful to investors because it is the numerator used to compute Diluted FFO per share, discussed below. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Diluted FFO available to common share and common unit holders, as adjusted for comparability (“Diluted FFO, as adjusted for comparability”)

Diluted FFO or FFO adjusted to exclude: operating property acquisition costs (for acquisitions classified as business combinations); gain or loss on early extinguishment of debt; demolition costs on redevelopment and nonrecurring improvements; FFO associated with properties that secured non-recourse debt on which we defaulted and, subsequently, extinguished via conveyance of such properties (including property NOI, interest expense, and gains on debt extinguishment); loss on interest rate derivatives; and executive transition costs associated with named executive officers. Diluted FFO, as adjusted for comparability also includes adjustments to Diluted FFO for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe this to be a useful supplemental measure alongside Diluted FFO as it excludes gains and losses from certain investing and financing activities and certain other items that we believe are not closely correlated to (or associated with) our operating performance. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Diluted FFO per share

Diluted FFO divided by the sum of the (1) weighted average common shares outstanding during a period, (2) weighted average common units outstanding during a period, and (3) weighted average number of potential additional common shares that would have been outstanding during a period if other securities that are convertible or exchangeable into common shares were converted or exchanged. The computation of Diluted FFO per share assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase Diluted FFO per share in a given period. We believe that Diluted FFO per share is useful to investors because it provides investors with a further context for evaluating our FFO results in the same manner that investors use earnings per share (“EPS”) in evaluating net income or loss available to common shareholders. We believe that diluted EPS is the most directly comparable GAAP measure to this non-GAAP measure.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Definitions

Diluted FFO per share, as adjusted for comparability

Diluted FFO available to common share and common unit holders, as adjusted for comparability divided by the sum of the (1) weighted average common shares outstanding during a period, (2) weighted average common units outstanding during a period, and (3) weighted average number of potential additional common shares that would have been outstanding during a period if other securities that are convertible or exchangeable into common shares were converted or exchanged. The computation of this measure assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase the per share measure in a given period. We believe this to be a useful supplemental measure alongside Diluted FFO per share as it excludes gains and losses from investing and financing activities and certain other items that we believe are not closely correlated to (or associated with) our operating performance. We believe that diluted EPS is the most directly comparable GAAP measure to this non-GAAP measure.

Earnings before interest, income taxes, depreciation, and amortization for real estate (“EBITDAre”)

Net income or loss adjusted for the effects of interest expense, depreciation and amortization, gains on sales and impairment losses of real estate and investments in unconsolidated real estate JVs, and income taxes. EBITDAre also includes adjustments to net income or loss for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. While EBITDA (earnings before interest, taxes, depreciation, and amortization) is a universally-defined supplemental measure, EBITDAre incorporates additional adjustments for gains and losses from investing activities related to our investments in operating properties. We believe that EBITDAre is a useful supplemental measure for assessing our un-levered performance. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Funds from operations (“FFO” or “FFO per Nareit”)

Net income or loss computed using GAAP, excluding gains on sales and impairment losses of real estate and investments in unconsolidated real estate JVs (net of associated income tax) and real estate-related depreciation and amortization. FFO also includes adjustments to net income or loss for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that we use the National Association of Real Estate Investment Trust’s (“Nareit”) definition of FFO, although others may interpret the definition differently and, accordingly, our presentation of FFO may differ from those of other REITs. We believe that FFO is useful to management and investors as a supplemental measure of operating performance because, by excluding gains on sales and impairment losses of real estate (net of associated income tax) and real estate-related depreciation and amortization, FFO can help one compare our operating performance between periods. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Gross debt

Debt reported on our consolidated balance sheet adjusted to exclude net discounts, commissions, and premiums and deferred financing costs, as further adjusted to include outstanding debt of unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that this measure is useful to investors as it represents our total outstanding debt, including our share of unconsolidated joint venture debt. We believe that debt reported on our consolidated balance sheet is the most directly comparable GAAP measure to this non-GAAP measure.

In-place adjusted EBITDA

Adjusted EBITDA, as further adjusted for: (1) certain events occurring in a three month period to reflect Adjusted EBITDA as if the events occurred at the beginning of such period, including: (a) properties acquired, placed in service or expanded upon subsequent to the commencement of a period made in order to reflect a full period of ownership/operations; (b) properties removed from service or in which we disposed of interests; (c) significant mid-period occupancy changes associated with properties recently placed in service or acquired as if such occupancy changes occurred at the beginning of such period; and (2) adjustments to deferred rental revenue associated with changes in our assessment of collectability. The measure also includes adjustments for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that the pro forma adjustments described above are consistent with the requirements for preparation of amounts presented on a pro forma basis in accordance with Article 11 of Regulation S-X. We believe that in-place adjusted EBITDA is a useful supplemental measure of performance for assessing our un-levered performance and ability to repay outstanding debt from operations, as further adjusted for changes in operating properties subsequent to the commencement of a quarter and for the other items noted above that we believe are not closely correlated with our operating performance and are not relevant to an investor’s evaluation of our ability to repay debt. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Net debt

Gross debt (total outstanding debt reported per our balance sheet as adjusted to exclude net discounts, commissions, and premiums and deferred financing costs), as adjusted to subtract cash and cash equivalents as of the end of the period. The measure also includes adjustments to gross debt for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We use net debt for purposes of calculating our net debt to adjusted book, which we believe is a useful supplemental measure for investors to use in further understanding the relationship of our outstanding debt to our assets available to service such debt. We believe that debt reported on our consolidated balance sheet is the most directly comparable GAAP measure to this non-GAAP measure.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Definitions

Net debt adjusted for fully-leased investment properties

Net debt less costs incurred on properties under development and on operating property acquisitions that were 100% leased. We believe that this supplemental measure is useful in providing investors the impact to our debt of these fully leased properties that are not yet contributing to our adjusted EBITDA. We believe that debt reported on our consolidated balance sheet is the most directly comparable GAAP measure to this non-GAAP measure.

Net debt to Adjusted book

Net debt divided by Adjusted book (defined above).

Net debt to in-place adjusted EBITDA ratio and Net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio

Net debt or Net debt adjusted for fully-leased investment properties divided by in-place adjusted EBITDA (defined above) for the three month period that is annualized by multiplying by four.

Net operating income from real estate operations (“NOI”)

Consolidated real estate revenues; consolidated property operating expenses; and the net of revenues and property operating expenses of real estate operations owned through unconsolidated real estate JVs that are allocable to COPT Defense’s ownership interest in the JVs. We believe that NOI is an important supplemental measure of operating performance for a REIT’s operating real estate because it provides a measure of the core real estate operations that is unaffected by depreciation, amortization, financing, and general, administrative, and leasing expenses; we believe this measure is particularly useful in evaluating the performance of reportable segments, Same Property groupings, and individual properties. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

NOI fixed charge coverage ratio and Adjusted EBITDA fixed charge coverage ratio

NOI from real estate operations or Adjusted EBITDA divided by the sum of (1) interest expense (excluding amortization of deferred financing costs and amortization of debt discounts, commissions, and premiums, net of amounts capitalized, and gains or losses on interest rate derivatives), (2) scheduled principal amortization on mortgage loans, (3) capitalized interest, (4) dividends on preferred shares, and (5) distributions on preferred units in the Operating Partnership not owned by us.

NOI interest coverage ratio and Adjusted EBITDA interest coverage ratio

NOI from real estate operations or Adjusted EBITDA divided by interest expense (excluding amortization of deferred financing costs and amortization of debt discounts, commissions, and premiums, net of amounts capitalized, gains on losses on interest rate derivatives, and interest expense on debt in default to be extinguished via conveyance of properties).

Payout ratios based on: Diluted FFO; Diluted FFO, as adjusted for comparability; and Diluted AFFO

The sum of dividends on common and deferred shares and distributions to holders of interests in the Operating Partnership to the extent they are dilutive in the respective FFO per share numerators divided by the respective non-GAAP measures.

Replacement capital expenditures

Tenant improvements and incentives, building improvements, and leasing costs incurred during the period for operating properties that are not (1) items contemplated prior to the acquisition of a property, (2) improvements associated with the expansion of a building or its improvements, (3) renovations to a building which change the underlying classification of the building (for example, from industrial to office or Class C office to Class B office), (4) capital improvements that represent the addition of something new to the property rather than the replacement of something (for example, the addition of a new heating and air conditioning unit that is not replacing one that was previously there), or (5) replacements of significant components of a building after the building has reached the end of its original useful life. Replacement capital expenditures excludes expenditures of operating properties included in disposition plans during the period that were already sold or are held for future disposition. For cash tenant incentives not due to the tenant for a period exceeding three months past the date on which such incentives were incurred, we recognize such incentives as replacement capital expenditures in the periods such incentives are due to the tenant. Replacement capital expenditures, which is included in the computation of Diluted AFFO, is intended to represent non-transformative capital expenditures of existing properties held for long-term investment. We believe that the excluded expenditures are more closely associated with our investing activities than the performance of our operating portfolio.

Same Property NOI from real estate operations and Same Property cash NOI from real estate operations

NOI, or Cash NOI, from real estate operations of Same Property groupings. We believe that these are important supplemental measures of Same Property operating performance for the same reasons discussed above for NOI from real estate operations and Cash NOI from real estate operations.

2Q 2026 Supplemental Information Package

COPT Defense Properties

Definitions

Other Definitions

Acquisition Costs — Transaction costs expensed in connection with executed or anticipated acquisitions of operating properties.

Annualized Rental Revenue (“ARR”) — The monthly contractual base rent as of the reporting date (ignoring free rent then in effect and rent associated with tenant funded landlord assets) multiplied by 12, plus the estimated annualized expense reimbursements under existing leases for occupied space. With regard to properties owned through unconsolidated real estate JVs, we include the portion of ARR allocable to COPT Defense’s ownership interest. We consider ARR to be a useful measure for analyzing revenue sources because, since it is point-in-time based, it does not contain increases and decreases in revenue associated with periods in which lease terms were not in effect; historical revenue under GAAP does contain such fluctuations. We find the measure particularly useful for leasing, tenant, segment, and industry analysis. In instances in which we report ARR per occupied square foot, the measure excludes revenue from leases not associated with our buildings.

Average Escalations — Leasing statistic used to report average increase in rental rates over lease terms for leases with a term of greater than one-year.

Cash Rent — Monthly contractual base rent (ignoring rent abatements and rent associated with tenant funded landlord assets) multiplied by 12, plus estimated annualized expense reimbursements (average for first 12 months of term for new or renewed leases or as of lease expiration for expiring leases). We believe that cash rent is a useful measure for evaluating the rental rates at the time rent payments commence for our leasing activity, including changes in such rates relative to rates that may have been previously in place.

Committed Cost per Square Foot — Tenant improvement allowance (excluding tenant funded landlord assets), leasing commissions, and estimated turn key costs and excludes lease incentives. We believe this is a useful measure for evaluating our costs associated with obtaining new leases.

Compound Annual Growth Rate — The compound annual growth rate for renewed space between the first year cash rent of the expired lease and the first year cash rent of the renewal lease.

Debt to Net Income Ratio — Debt reported on our consolidated balance sheet divided by net income for the three month period that is annualized by multiplying by four. We do not present this ratio for periods with a net loss.

Defense/IT Portfolio — Properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions.

Development Properties — Properties under, or contractually committed for, development.

Equity Market Capitalization — The sum of: (1) the product of the closing price of our common shares on the NYSE and the sum of (a) common shares outstanding and (b) common units outstanding; and (2) the liquidation value of preferred shares and preferred units in our operating partnership.

First Generation Space — Newly-developed or redeveloped space that has never been occupied.

Investment Space Leased — Vacant space leased within two years of the shell completion date for development properties or acquisition date for operating property acquisitions.

Net Income to Interest Expense Ratio — Net income reported on our consolidated statements of operations divided by interest expense. We do not present this ratio for periods with a net loss.

Net Income Payout Ratio — The sum of (1) dividends on common and deferred shares and distributions to holders of interests in the Operating Partnership divided by (2) net income. We do not present this ratio for periods with a net loss.

Operational Space — The portion of a property in operations (excludes portion under development or redevelopment).

Redevelopment Properties — Properties previously in operations on which activities to substantially renovate such properties were underway or approved.

Same Property — Operating properties stably owned and 100% operational since at least 1/1/25.

Second Generation Space — Space leased that has been previously occupied.

Straight-line Rent — Annual minimum base rents, net of abatements and lease incentives and excluding rent associated with tenant funded landlord assets, on a straight-line basis over the term of the lease, and estimated annual expense reimbursements (as of lease commencement for new or renewed leases or as of lease expiration for expiring leases). We believe that straight-line rent is a useful measures for evaluating the rental rates over the related lease terms for our leasing activity, including changes in such rates relative to rates that may have been previously in place.

Total Market Capitalization — The sum of: (1) consolidated outstanding debt, excluding net discounts, commissions, and premiums and deferred financing costs; (2) the product of the closing price of our common shares on the NYSE and the sum of (a) common shares outstanding and (b) common units outstanding; and (3) the liquidation value of preferred shares and preferred units in our operating partnership.

Total Portfolio — Operating properties, including ones owned through unconsolidated real estate JVs.

Vacancy Leasing Activity Ratio — Square footage associated with prospective tenants for vacant square feet in service divided by total vacant square feet in service.

Vacant Space Leased — Leasing of vacated second-generation space and vacant space leased in development properties and operating property acquisitions after two years from such properties’ shell completion or acquisition date.

2Q 2026 Supplemental Information Package

NEWS RELEASE

IR Contacts:

Venkat Kommineni, CFA Michelle Layne

443.285.5587 443.285.5452

venkat.kommineni@copt.com michelle.layne@copt.com

COPT Defense Reports Second Quarter 2026 Results

_______________________________________________________________

EPS of $0.40

FFO per Share, As Adjusted for Comparability, of $0.71

4.4% FFO per Share Growth Year-over-Year

2-cents above the Midpoint of Guidance

Increased Midpoint of 2026 FFO per Share Guidance by 2-cents to $2.78

Implies 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 Levels

Total Portfolio 94.1% Occupied and 95.6% Leased

Defense/IT Portfolio 95.1% Occupied and 96.4% Leased

_______________________________________________________________

Leasing Activity

Total 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, respectively

Increased 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, VA

Increased 2026 Guidance Target by $45 million to $335 million

_______________________________________________________________

COLUMBIA, MD (BUSINESS WIRE) July 27, 2026 - 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.

▪Please see pages 25-27 of the Company’s 2Q26 Results Presentation (refer to the ‘Associated Supplemental Presentation’ section below).

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

iii

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:

Reconciliation of Diluted EPS to FFOPS, per Nareit,

and As Adjusted for Comparability

Quarter Ending September 30, 2026 Year Ending December 31, 2026

Low High Low High

Diluted EPS $ 0.37 $ 0.39 $ 1.39 $ 1.43

Real estate-related depreciation and amortization 0.37 0.37 1.50 1.50

Gain on sales of real estate (0.06) (0.06) (0.13) (0.13)

Diluted FFOPS, Nareit definition and as adjusted for comparability $ 0.68 $ 0.70 $ 2.76 $ 2.80

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:

Conference Call Date: Tuesday, July 28, 2026

Time: 12:00 p.m. Eastern Time

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

https://register-conf.media-server.com/register/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.

COPT Defense Properties

Summary Financial Data

(unaudited)

(dollars and shares in thousands, except per share data)

For the Three Months Ended June 30, For the Six Months Ended June 30,

2026 2025 2026 2025

Revenues

Lease revenue $ 188,806 $ 175,598 $ 381,777 $ 350,906

Other property revenue 1,820 1,859 3,445 4,148

Construction contract and other service revenues 6,766 12,458 12,807 22,717

Total revenues 197,392 189,915 398,029 377,771

Operating expenses

Property operating expenses 72,586 66,915 154,021 138,955

Depreciation and amortization associated with real estate operations 42,289 39,573 84,974 78,932

Construction contract and other service expenses 6,023 11,873 11,575 21,578

General and administrative expenses 9,237 8,202 17,693 16,350

Leasing expenses 3,089 2,613 6,083 5,612

Business development expenses and land carry costs 938 1,096 2,137 2,105

Total operating expenses 134,162 130,272 276,483 263,532

Interest expense (24,444) (20,938) (48,440) (41,442)

Interest and other income, net 2,973 1,223 6,928 2,791

Gain on sales of real estate 6,442 — 7,024 300

Income before equity in income of unconsolidated entities and income taxes 48,201 39,928 87,058 75,888

Equity in income of unconsolidated entities 392 355 1,798 726

Income tax expense (34) (117) (158) (220)

Net income 48,559 40,166 88,698 76,394

Net income attributable to noncontrolling interests

Common units in the Operating Partnership (“OP”) (1,038) (846) (1,850) (1,572)

Other consolidated entities (1,084) (973) (1,855) (1,735)

Net income attributable to common shareholders $ 46,437 $ 38,347 $ 84,993 $ 73,087

Earnings per share (“EPS”) computation

Numerator for diluted EPS

Net income attributable to common shareholders $ 46,437 $ 38,347 $ 84,993 $ 73,087

Amount allocable to share-based compensation awards (183) (112) (343) (229)

Numerator for diluted EPS $ 46,254 $ 38,235 $ 84,650 $ 72,858

Denominator

Weighted average common shares - basic 112,871 112,459 112,839 112,421

Dilutive effect of share-based compensation awards 938 765 984 744

Dilutive exchangeable debt 1,087 — 763 —

Weighted average common shares - diluted 114,896 113,224 114,586 113,165

Diluted EPS $ 0.40 $ 0.34 $ 0.74 $ 0.64

COPT Defense Properties

Summary Financial Data

(unaudited)

(in thousands, except per share data)

For the Three Months Ended June 30, For the Six Months Ended June 30,

2026 2025 2026 2025

Net income $ 48,559 $ 40,166 $ 88,698 $ 76,394

Real estate-related depreciation and amortization 42,289 39,573 84,974 78,932

Gain on sales of real estate (6,442) — (7,024) (300)

Depreciation and amortization on unconsolidated real estate JVs 726 732 1,468 1,473

Gain on sale of real estate on unconsolidated real estate JV (130) — (1,276) —

Funds from operations (“FFO”) 85,002 80,471 166,840 156,499

FFO allocable to other noncontrolling interests (1,433) (1,382) (2,564) (2,540)

Basic FFO allocable to share-based compensation awards (617) (550) (1,220) (1,080)

Basic FFO available to common share and common unit holders (“Basic FFO”) 82,952 78,539 163,056 152,879

Diluted FFO adjustments allocable to share-based compensation awards 63 96 127 201

Diluted FFO available to common share and common unit holders and as adjusted for comparability 83,015 78,635 163,183 153,080

Straight line rent adjustments and lease incentive amortization 5,377 (1,836) 4,047 (3,535)

Amortization of intangibles and other assets included in net operating income (“NOI”) 106 64 166 226

Sales-type lease adjustments 101 — 101 —

Share-based compensation, net of amounts capitalized 3,376 2,924 6,562 5,778

Amortization of deferred financing costs 794 657 1,626 1,324

Amortization of net debt discounts and commissions, net of amounts capitalized 1,076 1,060 2,293 2,111

Replacement capital expenditures (25,117) (23,919) (44,322) (45,383)

Other 386 75 542 156

Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”) $ 69,114 $ 57,660 $ 134,198 $ 113,757

Diluted FFO per share $ 0.71 $ 0.68 $ 1.40 $ 1.33

Diluted FFO per share, as adjusted for comparability $ 0.71 $ 0.68 $ 1.40 $ 1.33

Dividends/distributions per common share/unit $ 0.32 $ 0.305 $ 0.64 $ 0.61

vii

COPT Defense Properties

Summary Financial Data

(unaudited)

(dollars and shares in thousands, except per share data)

June 30,

2026 December 31,

2025

Balance sheet data

Properties, net of accumulated depreciation $ 3,813,468 $ 3,783,477

Total assets $ 4,515,281 $ 4,701,790

Debt per balance sheet $ 2,592,436 $ 2,767,834

Total liabilities $ 2,909,439 $ 3,114,115

Redeemable noncontrolling interest $ 24,881 $ 25,506

Total equity $ 1,580,961 $ 1,562,169

Debt to assets 57.4 % 58.9 %

Net debt to adjusted book 40.8 % 40.5 %

Defense/IT Portfolio data (as of period end)

Number of operating properties 202 201

Total operational square feet (in thousands) 23,316 23,159

% Occupied 95.1 % 95.5 %

% Leased 96.4 % 96.5 %

For the Three Months Ended June 30, For the Six Months Ended June 30,

2026 2025 2026 2025

GAAP

Payout ratio

Net income 76.4 % 87.7 % 83.7 % 92.2 %

Debt ratios

Net income to interest expense ratio 2.0 x 1.9 x 1.8 x 1.8 x

Debt to net income ratio 13.3 x 15.2 x N/A N/A

Non-GAAP

Payout ratios

Diluted FFO 44.4 % 44.5 % 45.2 % 45.7 %

Diluted FFO, as adjusted for comparability 44.4 % 44.5 % 45.2 % 45.7 %

Diluted AFFO 53.3 % 60.7 % 54.9 % 61.5 %

Debt ratios

Adjusted EBITDA fixed charge coverage ratio 4.4 x 4.9 x 4.3 x 4.8 x

Net debt to in-place adjusted EBITDA ratio 6.0 x 5.9 x N/A N/A

Net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio 5.9 x 5.8 x N/A N/A

Reconciliation of denominators for per share measures

Denominator for diluted EPS 114,896 113,224 114,586 113,165

Weighted average common units 2,231 2,177 2,147 2,113

Denominator for diluted FFO per share and as adjusted for comparability 117,127 115,401 116,733 115,278

viii

COPT Defense Properties

Summary Financial Data

(unaudited)

(in thousands)

For the Three Months Ended June 30, For the Six Months Ended June 30,

2026 2025 2026 2025

Numerators for payout ratios

Dividends on unrestricted common and deferred shares $ 36,140 $ 34,324 $ 72,274 $ 68,642

Distributions on unrestricted common units 717 666 1,428 1,327

Dividends and distributions on restricted shares and units 247 218 514 454

Total dividends and distributions for GAAP payout ratio 37,104 35,208 74,216 70,423

Dividends and distributions on antidilutive shares and units (236) (194) (493) (407)

Dividends and distributions for non-GAAP payout ratios $ 36,868 $ 35,014 $ 73,723 $ 70,016

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 $ 48,559 $ 40,166 $ 88,698 $ 76,394

Interest expense 24,444 20,938 48,440 41,442

Income tax expense 34 117 158 220

Real estate-related depreciation and amortization 42,289 39,573 84,974 78,932

Other depreciation and amortization 466 468 882 1,010

Gain on sales of real estate (6,442) — (7,024) (300)

Adjustments from unconsolidated real estate JVs 1,658 1,515 2,308 3,033

EBITDAre 111,008 102,777 218,436 200,731

Credit loss (recoveries) expense (978) 1,187 (1,347) 1,702

Business development expenses 650 741 1,452 1,334

Executive transition costs — 21 — 78

Net gain on other investments — — (29) —

Adjusted EBITDA 110,680 104,726 $ 218,512 $ 203,845

Pro forma NOI adjustment for property changes within period — 57

Change in collectability of deferred rental revenue — 20

In-place adjusted EBITDA $ 110,680 $ 104,803

Reconciliations of tenant improvements and incentives, building improvements, and leasing costs for operating properties to replacement capital expenditures

Tenant improvements and incentives $ 19,905 $ 15,293 $ 35,804 $ 29,051

Building improvements 2,892 5,641 4,034 7,513

Leasing costs 1,420 4,929 2,967 8,390

Net additions to (exclusions from) tenant improvements and incentives 1,167 (241) 2,091 3,297

Excluded building improvements (267) (1,703) (574) (1,904)

Excluded leasing costs — — — (964)

Replacement capital expenditures $ 25,117 $ 23,919 $ 44,322 $ 45,383

COPT Defense Properties

Summary Financial Data

(unaudited)

(in thousands)

For the Three Months Ended June 30, For the Six Months Ended June 30,

2026 2025 2026 2025

Reconciliation of interest expense to the denominator for fixed charge coverage-Adjusted EBITDA

Interest expense $ 24,444 $ 20,938 $ 48,440 $ 41,442

Less: Amortization of deferred financing costs (794) (657) (1,626) (1,324)

Less: Amortization of net debt discounts and commissions, net of amounts capitalized (1,076) (1,060) (2,293) (2,111)

Scheduled principal amortization 260 457 657 918

Capitalized interest, excluding amortization of deferred financing costs 1,574 1,126 3,253 2,053

Denominator for fixed charge coverage-Adjusted EBITDA $ 25,365 $ 21,563 $ 50,335 $ 42,489

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 $ 48,559 $ 40,166 $ 88,698 $ 76,394

Construction contract and other service revenues (6,766) (12,458) (12,807) (22,717)

Depreciation and other amortization associated with real estate operations 42,289 39,573 84,974 78,932

Construction contract and other service expenses 6,023 11,873 11,575 21,578

General and administrative expenses 9,237 8,202 17,693 16,350

Leasing expenses 3,089 2,613 6,083 5,612

Business development expenses and land carry costs 938 1,096 2,137 2,105

Interest expense 24,444 20,938 48,440 41,442

Interest and other income, net (2,973) (1,223) (6,928) (2,791)

Gain on sales of real estate (6,442) — (7,024) (300)

Equity in income of unconsolidated entities (392) (355) (1,798) (726)

Unconsolidated real estate JVs NOI allocable to COPT Defense included in equity in income of unconsolidated entities 2,050 1,870 4,106 3,759

Income tax expense 34 117 158 220

NOI from real estate operations 120,090 112,412 235,307 219,858

Non-Same Property NOI from real estate operations (5,123) (505) (9,959) (905)

Same Property NOI from real estate operations 114,967 111,907 225,348 218,953

Straight line rent adjustments and lease incentive amortization 6,544 (1,282) 7,221 (3,093)

Amortization of acquired above- and below-market rents 125 65 205 129

Lease termination fees, net (808) (728) (2,020) (1,562)

Tenant funded landlord assets and lease incentives (8,528) (5,223) (11,846) (8,636)

Cash NOI adjustments in unconsolidated real estate JVs (287) (220) (642) (480)

Sales-type lease adjustments 239 — 239 —

Same Property Cash NOI from real estate operations $ 112,252 $ 104,519 $ 218,505 $ 205,311

COPT Defense Properties

Summary Financial Data

(unaudited)

(in thousands)

June 30,

2026 December 31,

2025

Reconciliation of total assets to adjusted book

Total assets $ 4,515,281 $ 4,701,790

Accumulated depreciation 1,759,411 1,682,367

Accumulated amortization of intangibles on property acquisitions and deferred leasing costs 224,598 228,656

COPT Defense’s share of liabilities of unconsolidated real estate JVs 82,420 82,039

COPT Defense’s share of accumulated depreciation and amortization of unconsolidated real estate JVs 16,497 16,000

Less: Property - operating lease liabilities (42,485) (45,012)

Less: Property - finance lease liabilities (1,070) (363)

Less: Cash and cash equivalents (24,157) (274,986)

Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,332) (1,898)

Adjusted book $ 6,529,163 $ 6,388,593

June 30,

2026 December 31,

2025 June 30,

2025

Reconciliation of debt to net debt and net debt adjusted for fully-leased investment properties

Debt per balance sheet $ 2,592,436 $ 2,767,834 $ 2,438,591

Net discounts and commissions and deferred financing costs 20,604 23,466 20,509

COPT Defense’s share of unconsolidated JV gross debt 75,250 75,250 53,750

Gross debt 2,688,290 2,866,550 2,512,850

Less: Cash and cash equivalents (24,157) (274,986) (21,288)

Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,332) (1,898) (1,944)

Net debt 2,662,801 2,589,666 2,489,618

Costs incurred on fully-leased development properties (62,558) (8,226) (60,302)

Net debt adjusted for fully-leased investment properties $ 2,600,243 $ 2,581,440 $ 2,429,316

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duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

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dei_EntityAddressStateOrProvince

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Period Type:

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

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Data Type:

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Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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Namespace Prefix:

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Period Type:

duration

- Definition

Local phone number for entity.

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No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

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xbrli:normalizedStringItemType

Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Name:

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Namespace Prefix:

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

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- Definition

Title of a 12(b) registered security.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Name:

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

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Namespace Prefix:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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