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

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Contents

Item 2. Properties

The following table provides certain information about our operating property segments as of December 31, 2025 (dollars and square feet in thousands, except per square foot amounts):

Segment	Number of Properties	Operational Square Feet	Occupancy (1)	ARR (2)	ARR per Occupied Square Foot (2)
Defense/IT Portfolio
Fort Meade/BW Corridor
National Business Park (Annapolis Junction, MD)	34	4,288	96.8%	$182,792	$44.03
Howard County, MD	36	3,064	89.2%	82,553	$30.13
Other	25	1,883	93.3%	58,654	$33.24
Fort Meade/BW Corridor Subtotal / Average	95	9,235	93.6%	323,999	$37.44
Redstone Arsenal	25	2,525	96.1%	64,160	$26.31
NoVA Defense/IT	17	2,643	93.5%	100,065	$40.50
Lackland Air Force Base	9	1,143	100.0%	73,213	$59.71
Navy Support	22	1,271	86.9%	34,583	$31.32
Data Center Shells
Consolidated Properties	9	2,047	100.0%	52,952	$25.87
Unconsolidated Joint Venture Properties	24	4,295	100.0%	8,286	$19.29
Defense/IT Portfolio Subtotal / Average	201	23,159	95.5%	657,258	$35.67
Other	6	1,988	76.6%	70,827	$41.78
Total Operating Properties / Average	207	25,147	94.0%	$728,085	$36.14
Total Consolidated Operating Properties			$719,799

(1)This percentage is based upon all rentable square feet under lease terms that were in effect as of December 31, 2025.

(2)Refer to definition provided in Item 7 of this Annual Report on Form 10-K. Our computation of ARR excludes the effect of lease incentives; the ARR per occupied square foot, including the effect of lease incentives, was $35.43 for our total operating properties and $35.06 for our Defense/IT Portfolio.

The following table provides certain information about properties that were under, or contractually committed for, development as of December 31, 2025 (dollars and square feet in thousands):

Property and Location · Estimated Rentable Square Feet Upon Completion · Percentage Leased · Calendar Quarter Anticipated to be Operational · Costs Incurred to Date (1) · Estimated Costs to Complete (1)
Fort Meade/BW Corridor
400 National Business Parkway Annapolis Junction, MD	148	0%		2Q 26		$49,799		$18,456
4400 River Road College Park, MD	110	100%		3Q 27		4,867		61,399
Fort Meade/BW Corridor Subtotal / Average	258		43%				54,666		79,855
Redstone Arsenal
7700 Advanced Gateway Huntsville, AL	101		100%		1Q 27		2,546		24,718
8500 Advanced Gateway Huntsville, AL	155		20%		2Q 27		28,654		23,663
Redstone Arsenal Subtotal / Average	256		52%				31,200		48,381
Lackland Air Force Base
Project EL 2 San Antonio, TX	132		100%		4Q 27		813		86,787
Total Under Development	646		58%				$86,679		$215,023

(1)Includes land, development, leasing costs and allocated portion of structured parking and other shared infrastructure, if applicable.

The following table provides certain information about land that we owned or controlled as of December 31, 2025, including properties under ground lease to us (square feet in thousands):

Segment	Acres	Estimated Developable Square Feet
Defense/IT Portfolio land owned/controlled for future development
Fort Meade/BW Corridor
National Business Park (Annapolis Junction, MD)	144	1,483
Howard County, MD	19	290
Other	123	1,228
Total Fort Meade/BW Corridor	286	3,001
Redstone Arsenal (1)	280	3,099
NoVA Defense/IT	29	1,171
Navy Support	38	64
Data Center Shells	365	3,300
Total Defense/IT Portfolio land owned/controlled for future development	998	10,635
Other land owned/controlled	47	1,478
Total Land Owned/Controlled	1,045	12,113

(1)This land is owned by the USG and is controlled by us under a long-term master lease agreement to a consolidated joint venture. As this land is developed in the future, the joint venture 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.

Lease Expirations

The following table provides a summary schedule of lease expirations for leases in place at our operating properties as of December 31, 2025 based on the non-cancelable term of tenant leases determined in accordance with generally accepted accounting principles in the United States of America (“GAAP”) (dollars and square feet in thousands, except per square foot amounts):

Year of Lease Expiration	Square Footage of Leases Expiring	ARR of Expiring Leases (1)	Percentage of Total ARR Expiring (1)	Total ARR of Expiring Leases Per Occupied Square Foot (1)
2026	2,906	$140,301	19.3%	$48.24
2027	2,060	63,131	8.7%	$36.40
2028	3,426	119,880	16.5%	$38.06
2029	3,622	91,563	12.6%	$33.51
2030	1,943	50,461	6.9%	$32.40
2031	1,824	33,842	4.7%	$32.93
2032	462	12,575	1.7%	$27.23
2033	775	31,574	4.3%	$40.74
2034	1,677	41,651	5.7%	$30.91
2035	1,482	50,830	7.0%	$34.29
2036	1,248	17,213	2.4%	$29.95
2037	133	10,704	1.5%	$79.68
2038	651	19,893	2.7%	$30.53
2039	483	10,980	1.5%	$22.73
2040	422	11,248	1.5%	$26.64
2041	39	5,924	0.8%	$22.78
2042	277	9,651	1.3%	$34.79
2043	193	4,906	0.7%	$25.42
2045	16	1,231	0.2%	$75.00
2046	10	259	—%	$25.25
2063 (2)	—	139	—%	$—
2072 (2)	—	129	—%	$—
Total	23,649	$728,085	100.0%	$36.14

(1)Refer to definition provided in Item 7 of this Annual Report on Form 10-K.

(2)Includes only ground leases.

With regard to the leases reported above as expiring in 2026, we believe that the weighted average ARR per occupied square foot for such leases as of December 31, 2025, on average, was approximately 1.0% to 3.0% lower than estimated current market rents for the related space, with specific results varying by market.

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