COPT Defense Properties

General COPT Defense Properties is a self-managed real estate investment trust (REIT) that owns, operates, and develops properties primarily located near U.S. Government (USG) defense installations and missions. These properties, referred to as its Defense/IT Portfolio, house the USG and its defense contractors, who are involved in national security activities and often require high-security property features. The portfolio mainly consists of office properties and single-tenant data center shells. As of December 31, 2025, the Defense/IT Portfolio included 201 operating properties, totaling 23.2 million square feet. Of these, 24 properties, encompassing 4.3 million square feet, were owned through unconsolidated real estate joint ventures. Additionally, there were five properties under development, projected to total approximately 646,000 square feet upon completion, and approximately 1,000 acres of controlled land with development potential for approximately 10.6 million square feet. The company also owned six other operating properties, totaling 2.0 million square feet, and approximately 50 acres of other developable land in the Greater Washington, DC/Baltimore region as of December 31, 2025. Almost all operations and assets are conducted and owned through its operating partnership, COPT Defense Properties, L.P. (CDPLP), where General COPT Defense Properties is the sole general partner. CDPLP also owns subsidiaries that provide real estate services, including property management, development, and construction, primarily for its own properties but also for third parties, mostly tenants. As of December 31, 2025, General COPT Defense Properties owned 97.5% of the outstanding CDPLP common units.