COPT DEFENSE PROPERTIES
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
CDP$32.81-1.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Financial Statements Consolidated Balance Sheets as of December 31, 2025 and 2024 F-
(in thousands, except share data)
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Properties, net | ||
| Operating properties, net | $3,500,087 | $3,353,477 |
| Projects in development or held for future development | 283,390 | 277,049 |
| Total properties, net | 3,783,477 | 3,630,526 |
| Property - operating lease right-of-use assets | 50,383 | 55,760 |
| Cash and cash equivalents | 274,986 | 38,284 |
| Investment in unconsolidated real estate joint ventures | 36,368 | 39,360 |
| Accounts receivable, net | 58,185 | 42,234 |
| Deferred rent receivable | 177,921 | 161,438 |
| Lease incentives, net | 72,347 | 64,013 |
| Deferred leasing costs (net of accumulated amortization of $44,127 and $44,060, respectively) | 75,052 | 71,268 |
| Investing receivables (net of allowance for credit losses of $3,575 and $2,792, respectively) | 69,856 | 69,680 |
| Prepaid expenses and other assets, net | 103,215 | 81,628 |
| Total assets | $4,701,790 | $4,254,191 |
| Liabilities and equity | ||
| Liabilities | ||
| Debt, net | $2,767,834 | $2,391,755 |
| Accounts payable and accrued expenses | 147,200 | 126,031 |
| Rents received in advance and security deposits | 37,914 | 38,560 |
| Dividends and distributions payable | 35,205 | 33,909 |
| Deferred revenue associated with operating leases | 47,714 | 39,752 |
| Property - operating lease liabilities | 45,012 | 49,240 |
| Other liabilities | 33,236 | 14,377 |
| Total liabilities | 3,114,115 | 2,693,624 |
| Commitments and contingencies (Note 17) | ||
| Redeemable noncontrolling interest | 25,506 | 23,974 |
| Equity | ||
| Shareholders’ equity | ||
| Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 113,210,642 at December 31, 2025 and 112,703,460 at December 31, 2024) | 1,132 | 1,127 |
| Additional paid-in capital | 2,502,661 | 2,494,369 |
| Cumulative distributions in excess of net income | (988,957) | (1,003,401) |
| Accumulated other comprehensive (loss) income | (61) | 988 |
| Total shareholders’ equity | 1,514,775 | 1,493,083 |
| Noncontrolling interests in subsidiaries | ||
| Common units in COPT Defense Properties, L.P. (“CDPLP”) | 29,317 | 28,935 |
| Other consolidated entities | 18,077 | 14,575 |
| Noncontrolling interests in subsidiaries | 47,394 | 43,510 |
| Total equity | 1,562,169 | 1,536,593 |
| Total liabilities, redeemable noncontrolling interest and equity | $4,701,790 | $4,254,191 |
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