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Here are 1-3 brief analogies for COPT Defense Properties (CDP):

• Boston Properties, but exclusively for the U.S. defense sector. (Boston Properties (BXP) is a well-known office REIT; this analogy highlights CDP's focus on office properties for a specialized, stable tenant base.)
• The real estate version of Lockheed Martin. (Lockheed Martin (LMT) is a quintessential defense contractor; this conveys CDP's deep ties to and reliance on U.S. government and defense spending, but through property ownership rather than manufacturing.)
• Digital Realty Trust, tailored for secure government and defense facilities. (Digital Realty Trust (DLR) is a prominent data center REIT; this captures CDP's significant data center holdings, emphasizing their secure nature and specialized government/defense clientele.)

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• Leasing of Specialized Commercial Properties: Provides office, data center, and other mission-critical facilities for rent, primarily to U.S. government and defense industry tenants.
• Real Estate Development: Develops new, build-to-suit properties designed to meet the specific security and operational requirements of its defense and government clients.
• Property Management: Manages and maintains its portfolio of specialized defense and government-leased properties to ensure operational continuity and tenant satisfaction.

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COPT Defense Properties (CDP) is a real estate investment trust (REIT) that primarily leases its properties to the U.S. Government and its defense contractors. Therefore, its customer base is primarily Business-to-Government (B2G) and Business-to-Business (B2B).

Its major customers are:

• The U.S. Government: This customer comprises various federal agencies, predominantly the Department of Defense (DoD) and intelligence agencies. The U.S. Government is CDP's single largest tenant, representing approximately 34.3% of its annualized rental revenue as of December 31, 2023. The U.S. Government is not a public company and therefore does not have a stock symbol.
• Government Contractors: This category includes companies that contract with the U.S. Government, primarily those engaged in national security activities, defense, aerospace, and related technology and cloud services. While CDP does not disclose individual contractor tenants by name as "major customers" (no single contractor company accounts for more than 10% of its annualized rental revenue), this category collectively represents approximately 56.4% of CDP's annualized rental revenue. These contractors operate across various sectors, including defense technology, cybersecurity, and hyperscale cloud providers supporting U.S. Government missions.

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Stephen E. Budorick, President & Chief Executive Officer

Stephen E. Budorick joined COPT Defense Properties in September 2011 as Executive Vice President and Chief Operating Officer, and assumed the role of President and Chief Executive Officer in May 2016. Prior to his tenure at COPT Defense, he served as Executive Vice President of asset management at Callahan Capital Partners, LLC starting in 2006. His career also includes roles as Executive Vice President for Trizec Properties, Inc.'s Central Region from 1997–2006, and Executive Vice President at Miglin Beitler Management Company. Additionally, he worked in asset management at LaSalle Partners, Inc. from 1988 to 1991.

Anthony Mifsud, Executive Vice President & Chief Financial Officer

Anthony Mifsud joined COPT Defense Properties in September 2007 and was appointed Executive Vice President and Chief Financial Officer, effective April 1, 2015. Before joining COPT Defense, he was Senior Vice President and Treasurer for Municipal Mortgage & Equity, where he was responsible for leading the corporate finance group and chairing the company's Capital Committee. He also spent over 15 years with The Rouse Company, where he held various corporate finance functions, including serving as Vice President, Finance for five years. Earlier in his career, he practiced as a CPA at KPMG Peat Marwick in Baltimore.

Britt A. Snider, Executive Vice President & Chief Operating Officer

Britt A. Snider became Executive Vice President and Chief Operating Officer of COPT Defense Properties in December 2023. Before joining COPT Defense, he served as Principal of Redbrick LMD, a diversified real estate investment and development company based in Washington, D.C. He also held the position of Senior Vice President at WS Development, a real estate investment and development company. Furthermore, Mr. Snider's prior experience includes serving as Executive Vice President, Head of Commercial Asset Management, and Principal of Development at JBG Smith.

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The key risks to COPT Defense Properties (CDP) are primarily concentrated around its deep ties to government spending and its financial structure.

1. Dependence on U.S. Government Spending and Contractors: A substantial portion of COPT Defense Properties' revenue, specifically 90.3% of its Annualized Run Rate (ARR) as of December 31, 2024, is derived from its Defense/IT Portfolio, whose demand drivers are activities of the U.S. government or its contractors. Consequently, any temporary or permanent reduction in government spending, changes in contract awards, or uncertainty regarding future government budgets could adversely affect its tenants' ability to fulfill lease obligations, renew leases, or enter into new ones. Furthermore, the company is highly dependent on a limited number of tenants, with its ten largest tenants accounting for 63.5% of total ARR in 2023, and the U.S. government alone representing 35.9%.
2. Indebtedness and Financing Risks: COPT Defense Properties carries a significant amount of debt, totaling $2.4 billion as of December 31, 2024. The payments of principal and interest on this debt could potentially leave the company with insufficient cash to operate its properties or to pay distributions to shareholders required to maintain its qualification as a Real Estate Investment Trust (REIT).
3. REIT Qualification Risk: The company's ability to qualify for taxation as a REIT under federal income tax purposes is crucial. Failure to meet the highly technical and complex requirements for REIT qualification would lead to adverse tax consequences, which would substantially reduce the funds available to distribute to its shareholders.

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U.S. Government Leased Real Estate Market:

• As of March 2024, the federal government leased approximately 176 million square feet of real estate across the United States, predominantly consisting of office and industrial properties.
• In December 2024, the General Services Administration (GSA) disclosed that the federal government leased 173 million square feet nationwide.
• The Department of Defense (DoD) alone leased 22.4 million square feet of building space within the United States, representing 7.2% of the total federal government leased building space.
• The total annual rental for real property leased to the Federal Government in the U.S. was $2,930.7 million.

U.S. Defense and Aerospace Real Estate Market:

• Leasing activity in the defense and aerospace sector in the U.S. surged to 11.3 million square feet in 2024, a 60% increase from 7.1 million square feet in 2022. This includes demand for highly specialized facilities such as Sensitive Compartmented Information Facilities (SCIFs).
• Much of this growth is concentrated near military and research hubs across the United States.

U.S. Data Center Market (relevant to defense and intelligence operations):

• The United States data center market is estimated to be USD 114.48 billion in 2025 and is projected to reach USD 158.55 billion by 2030, with a compound annual growth rate (CAGR) of 6.73% during that period.
• Specifically, the global market for "Deployable Data Center for Defense" reached USD 4.26 billion in 2024 and is forecast to grow to USD 10.62 billion by 2033, demonstrating a CAGR of 10.8% from 2025 to 2033. This segment is driven by the need for rapid, secure, and mobile data processing capabilities for defense operations.

Overall U.S. Office Space Market (general context):

• The North America office space market is projected to reach $877.68 billion in 2025. The United States is the largest national market, expected to account for 20.84% of the global market in 2025.

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COPT Defense Properties (CDP) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

• Increased Defense Spending and Favorable Defense Environment: The company's specialized focus on defense and IT real estate positions it to benefit from the historic and projected increases in Department of Defense (DOD) spending, which is supported by bipartisan initiatives. This sustained funding is anticipated to drive demand for both existing and new development space for defense and intelligence agencies.
• Robust Leasing Activity and High Occupancy in Defense/IT Portfolio: COPT Defense Properties consistently demonstrates strong leasing demand and high occupancy rates within its Defense/IT portfolio, which comprises a significant portion of its rental revenues. The company has achieved exceptional tenant retention rates and has increased its vacancy leasing targets, indicating a healthy demand for its specialized properties.
• Strategic Development Pipeline and Acquisitions: CDP is actively expanding its portfolio through new development projects and strategic acquisitions. Key initiatives include a build-to-suit project at Redstone Gateway and the acquisition of properties like Stonegate I. The relocation of Space Command to Redstone Arsenal is also expected to drive significant new development opportunities for the company.
• Same-Property Cash Net Operating Income (NOI) Growth: The company has consistently raised its guidance for same-property cash NOI growth, reflecting organic revenue expansion from its existing assets. This growth is attributed to factors such as higher average occupancy, effective operating expense management, and favorable lease economics.
• Expansion of Data Center Shell Program: COPT Defense Properties is pursuing growth by expanding its data center shell program. This is exemplified by the acquisition of a large land parcel near Des Moines, Iowa, which provides a significant opportunity to introduce this program into a new market.

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Share Repurchases

• COPT Defense Properties has engaged in significant share repurchases, with a reported $251 million in share buybacks mentioned in 4Q25 Investor Meeting Materials.

Share Issuance

• COPT Defense Properties has an "at-the-market" stock offering program authorized for up to $300 million in aggregate gross sales price, allowing the company to periodically raise equity by issuing common shares.

Outbound Investments

• In October 2025, COPT Defense Properties acquired Stonegate I, a 142,000 square foot Class A office building in Chantilly, VA, for $40.2 million.
• As of the third quarter of 2025, the company committed $124 million to new investments year-to-date, including $72 million for a build-to-suit development project and a building acquisition over the preceding five weeks.
• In April 2024, COPT Defense Properties acquired a 202,000 square foot Class A building in Columbia Gateway, Columbia, Maryland, for $15 million.

Capital Expenditures

• As of June 30, 2025, COPT Defense Properties had a development pipeline of five properties totaling 756,000 square feet, with an estimated total investment of $309 million, of which $134 million had been spent.
• The company anticipates approximately $250 million in development projects to be delivered throughout 2025, encompassing about 600,000 square feet, with a focus on Defense/IT properties including data centers.