CDP

EX-99.1

2 cdp03312026ex991.htm

EX-99.1

Document

Exhibit 99.1

COPT Defense Properties

Supplemental Information + Earnings Release - Unaudited

For the Period Ended 3/31/26

OVERVIEW

Summary Description

1

Equity Research Coverage

2

Selected Financial Summary Data

3

Selected Portfolio Data

5

FINANCIAL

STATEMENTS

Consolidated Balance Sheets

6

Consolidated Statements of Operations

7

Funds from Operations

8

Diluted Share + Unit Computations

9

Adjusted Funds from Operations

10

EBITDAre + Adjusted EBITDA

11

PORTFOLIO INFORMATION

Properties by Segment

12

Consolidated Real Estate Revenues + NOI by Segment

13

Cash NOI by Segment

14

NOI from Real Estate Operations + Occupancy by Property Grouping

15

Same Property Average Occupancy Rates by Segment

16

Same Property Period End Occupancy Rates by Segment

16

Same Property Real Estate Revenues + NOI by Segment

17

Same Property Cash NOI by Segment

18

Leasing

19

Lease Expiration Analysis

20

2026 Defense/IT Portfolio Quarterly Lease Expiration Analysis

22

Top 20 Tenants

23

INVESTING ACTIVITY

Summary of Development Projects

24

Summary of Land Owned/Controlled

25

CAPITALIZATION

Capitalization Overview

26

Summary of Outstanding Debt

27

Debt Analysis

29

Consolidated Real Estate Joint Ventures

30

Unconsolidated Real Estate Joint Ventures

31

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

32

Definitions

35

EARNINGS RELEASE

i

COPT Defense Properties

Summary Description

THE COMPANY

COPT Defense Properties (the “Company” or “COPT Defense”), an S&P MidCap 400 Company, is a self-managed real estate investment trust (“REIT”) focused on owning, operating, and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions (which we refer to herein as our Defense/IT Portfolio). Our tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. The ticker symbol under which our common shares are publicly traded on the New York Stock Exchange is “CDP”. As of March 31, 2026, our Defense/IT Portfolio of 201 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.2 million square feet and was 96.4% leased.

MANAGEMENTINVESTOR RELATIONS

Stephen E. Budorick, President + CEOVenkat 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.

1

1Q 2026 Supplemental Information Package

COPT Defense Properties

Equity Research Coverage

FIRM SENIOR ANALYSTPHONE EMAIL

BTIGTom Catherwood212.738.6410tcatherwood@btig.com

Cantor FitzgeraldRichard Anderson929.441.6927richard.anderson@cantor.com

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

Evercore ISISteve Sakwa212.446.9462steve.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 SecuritiesBlaine Heck410.662.2556blaine.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

cdp-202602050000860546false00008605462026-02-052026-02-05

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): February 5, 2026

COPT DEFENSE PROPERTIES

(Exact name of registrant as specified in its charter)

Maryland 1-1402323-2947217 (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 classTrading Symbol(s)Name of each exchange on which registered Common Shares of beneficial interest, $0.01 par valueCDPNew 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 February 5, 2026, COPT Defense Properties (the “Company”) issued a press release relating to its financial results for the period ended December 31, 2025 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 December 31, 2025.

104Cover 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:February 5, 2026

cdp-202510300000860546false00008605462025-10-302025-10-30

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): October 30, 2025

COPT DEFENSE PROPERTIES

(Exact name of registrant as specified in its charter)

Maryland 1-1402323-2947217 (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 classTrading Symbol(s)Name of each exchange on which registered Common Shares of beneficial interest, $0.01 par valueCDPNew 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 October 30, 2025, COPT Defense Properties (the “Company”) issued a press release relating to its financial results for the period ended September 30, 2025 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 September 30, 2025.

104Cover 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:October 30, 2025