Copt Defense Properties · NYSE:CDP
Copt Defense Properties — Shareholder Meeting (May 2026)
24 slides from Copt Defense Properties's shareholder meeting presentation, May 14, 2026
Slide 1: 2026 Annual Shareholder Meeting
2026 Annual Shareholder Meeting MAY 14, 2026
Slide 2: Table of Contents
Table of Contents OVERVIEW OF 2025 ACHIEVEMENTS 3 2026: A STRONG START 5 APPENDICES: 14 Safe Harbor 15 Definitions + Glossary 16 Reconciliations 21 2
Slide 3: Overview of 2025 Achievements
Overview of 2025 Achievements 3
Slide 4: FY 2025 Results
FY 2025 Results FY 2025 FFOPS, As Adjusted for Comparability $2.72 FFO per Share Growth Year-Over-Year 5.8% 2025 Results were 2-cents Above Midpoint of Revised Guidance Met or Exceeded Guidance Each Quarter Over the Past 32 Quarters Increase in Same Property Cash NOI | Total Portfolio 4.1% | Defense
Slide 5: 2026: A Strong Start
A Strong Start 2026: “|
Slide 6: 1st Quarter 2026 Results
1st Quarter 2026 Results 1Q26 FFOPS, As Adjusted for Comparability $0.69 FFO per Share Growth Year-Over-Year 6.2% 1Q26 Results were 1-cent Above Midpoint of Guidance Met or Exceeded Guidance Each Quarter Over the Past 33 Quarters Increase in Same Property Cash NOI | Total Portfolio 5.4% | Defense/IT
Slide 7: Sector-Leading Tenant Retention
Sector-Leading Tenant Retention CDP's retention rate is nearly DRIVEN BY double that of the Office REITs RENEWAL RATES SINCE 2020 that report this metric 1. Unique + Advantaged Locations 90% 2. Significant Tenant Co-investment 86% 3. Long-term Tenant Relationships 80% 82.5% 81% 80% 78% 4. Operating
Slide 8: Vacancy Leasing is On Track to Meet 2026 Target
Vacancy Leasing is On Track to Meet 2026 Target LEASING VOLUME ON-PACE IN 1Q26 VACANCY LEASING IN OPERATING PORTFOLIO (000s) 3 EXECUTED2 WALT1 2020 2021 2022 2023 2024 2025 2026E 92,000 SF 6.6 YEARS 416 SF 616 SF 801 SF 452 SF 590 SF 557 SF 400 SF 4 23% of 2026 Target 800 83 100% 700 2026 LEASING TA
Slide 9: External Growth from Investment
External Growth from Investment Allocating Capital to Projects at our Defense/IT Locations is the Foundation for External Growth 100% OF INVESTMENTS SINCE 2016 $450,000 FOCUSED ON DEFENSE/IT ASSETS $400,000 $389,000 CAPITAL COMMITTED TO NEW INVESTMENTS $350,000 • 3 projects totaling $244M in 2026 to
Slide 10: Strong Balance Sheet Supports Growth
Strong Balance Sheet Supports Growth MOODY’S UPGRADE | MARCH 2026 MAINTAINING OUR STRONG BALANCE SHEET • Upgrade to Baa2 | Stable Outlook 6.4x • “The ratings upgrade reflects the 6.3x • Strong operating performance of the REIT’s 6.2x 6.1x specialized office portfolio, 6.1x 6.0x 6.0x • Solid EBITDA/I
Slide 11: 2026 Stock Performance Year-to-Date
2026 Stock Performance Year-to-Date CDP is Outperforming the S&P 500, the Equity REIT, and the Office REIT Indices Year-to-Date CDP’S 2026 PRICE PERFORMANCE VS INDEXES 14.5% PRICE RETURN IN 2026 YTD RELATIVE PERFORMANCE IN 2026 YTD • Outperforming the S&P 500 by over 700 basis points • Outperforming
Slide 12: Attractive Investment Opportunity
Attractive Investment Opportunity 4.5% Compound Annual FFOPS Growth Dividend 16.4% Increase in Dividend per Growth (2019–2026E) Share (since 2022) Stock Growth Value Stock 11.5x Price to 2026E FFOPS1 1. As of the closing price on May 7, 2026, and the midpoint of current 2026E FFOPS guidance, as adju
Slide 13: Continued Growth
Continued Growth STRONG LEASING DEMAND AT EXISTING PROPERTIES FFOPS, AS ADJUSTED FOR COMPARABILITY FUTURE $2.80 $2.76 ACTIVE $2.72 DEVELOPMENT OPPORTUNITIES $2.70 $508M ~1.0M SF DEVELOPMENT LEASING PIPELINE $2.60 $2.57 DEVELOPMENTS 4.5% CAGR 1.0M SF | 73% leased1 ~0.6M SF POTENTIAL FUTURE OPPORTUNIT
Slide 14: Appendices
Appendices SAFE HARBOR 15 DEFINITIONS + GLOSSARY 16 RECONCILIATIONS 21 14
Slide 15: Safe Harbor
Safe Harbor Unless otherwise noted, information in this presentation represents the Company's consolidated portfolio as of or for the quarter ended March 31, 2026. This presentation may contain forward-looking statements within the meaning The areas of risk that may affect these expectations, estima
Slide 16: Definitions + Glossary
Definitions + Glossary ACQUISITION COSTS AVERAGE ESCALATIONS Transaction costs expensed in connection with executed or anticipated acquisitions of operating Leasing statistic used to report average increase in rental rates over lease terms for leases with a term properties. of greater than one-year.
Slide 17: Definitions + Glossary (continued)
Definitions+ Glossary Definitions + Glossary (continued) (continued) CASH NET OPERATING INCOME (“CASH NOI”) DILUTED ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHARE AND NOI from real estate operations adjusted to eliminate the effects of: straight-line rental adjustments, COMMON UNIT HOLDERS
Slide 18: Definitions + Glossary (continued)
Definitions+ Glossary Definitions + Glossary (continued) (continued) DILUTED FFO PER SHARE, AS ADJUSTED FOR COMPARABILITY IN-PLACE ADJUSTED EBITDA Defined as (1) Diluted FFO available to common share and common unit holders, as adjusted for comparability divided by (2) the sum of the (a) weighted av
Slide 19: Definitions + Glossary (continued)
Definitions+ Glossary Definitions + Glossary (continued) (continued) NET DEBT ADJUSTED FOR FULLY-LEASED INVESTMENT PROPERTIES PORTFOLIO Defined as Net debt less costs incurred on properties under development and on operating 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 property acquisitions that were 10
Slide 20: Definitions + Glossary (continued)
Definitions+ Glossary Definitions + Glossary (continued) (continued) PRO FORMA NET DEBT, PRO FORMA NET DEBT ADJUSTED FOR FULLY-LEASED SAME PROPERTY INVESTMENT PROPERTIES, PRO FORMA IN-PLACE ADJUSTED EBITDA AND Operating office and data center shell properties stably owned and 100% operational since
Slide 21: Reconciliations
Reconciliations Reconciliations Year Ended December 31, Three Months Ended 2019 2020 2021 2022 2023 2024 2025 3/31/26 Reconciliations of net income to diluted FFO and diluted FFO as adjusted for comparability (in thousands) Net income (loss) $ 200,004 $ 102,878 $ 81,578 $ 178,822 $ (74,347) $ 143,94
Slide 22: Reconciliations (continued)
Reconciliations Reconciliations (continued) (continued) Actuals Guidance Year Ending Year Ended December 31, 2026 December 31, 2025 Low High Reconciliations of diluted EPS to diluted FFOPS per Nareit and as adjusted for comparability (in dollars per share) Diluted EPS $ 1.34 $ 1.24 $ 1.30 Real estat
Slide 23: Reconciliations (continued)
Reconciliations Reconciliations (continued) (continued) Three Months Ended Three Months Ended 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 3/31/26 Reconciliations of net income to Adjusted EBITDA, in-place adjusted EBITDA, and pro forma in-place adjusted EBITDA (in thousands) Net income $ 14,965 $ 5
Slide 24: INVESTORS.COPT.COM
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COPT Defense Properties — Shareholder Meeting (May 2026) on 6ix