Slide 1: Results for 4th Quarter + FY 2025 and 2026 Guidance
Results for th 4 Quarter + FY 2025 2026 Guidance FEBRUARY 5, 2026 Change Presentation Title on First Master Slide
Slide 2: Table of Contents
Table of Contents ACHIEVEMENTS OVER THE PAST 6 YEARS CONCLUSION • Page 3 • Page 21 RESULTS FOR 4TH QUARTER + FY 2025 APPENDICES • Page 4 • Page 25 • Safe Harbor | Page 26 2026 GUIDANCE • Definitions + Glossary | Page 27 • Page 7 • Reconciliations | Page 32 FACTORS SUPPORTING GROWTH • Page 9 PORTFOLI
Slide 3: Achievements Over the Past Six Years
Achievements Over the Past Six Years1 Increased FFOPS by 34% (5.0% CAGR) and AFFO by 33% (4.9% CAGR) FFOPS, AS ADJUSTED FOR COMPARABILITY $2.80 $2.72 Increased dividend by 10.9% over the past 3 years $2.70 $2.60 5.0% $2.57 Placed $1.9 billion of developments into service (96% leased) $2.50 CAGR $2.4
Slide 4: Results for 4th Quarter + FY 2025
RESULTS FOR 4TH QUARTER + FY 2025
Slide 5: Strong 4th Quarter + FY 2025 Results
Strong 4th Quarter + FY 2025 Results 4Q25 2025 FFOPS, as adjusted for comparability $0.70 $2.72 • FFO per share growth year-over-year 7.7% 5.8% • 4Q25 + 2025 results were 2-cents above midpoint of revised guidance • Met or exceeded guidance each quarter over the past 32 quarters Increase in Same Pro
Slide 6: Commentary on 4th Quarter + FY 2025 Results
Commentary on 4th Quarter + FY 2025 Results 2025: FFOPS, As Adjusted for Comparability = $2.72 2025: Vacancy Leasing = 557,000 SF, Exceeded Target • FFOPS increased 5.8% year-over-year • Initial target of 400,000 SF • 7th consecutive year of growth • Increased to 450,000 SF in 2Q25 • Increased to 50
Slide 7: 2026 Guidance
2026 GUIDANCE
Slide 8: FY 2026 Guidance Summary
FY 2026 Guidance Summary1 FY 2025 FY 2026 GUIDANCE ACTUAL Low Midpoint High EPS $1.34 $1.21 $1.25 $1.29 FFOPS, as adjusted for comparability $2.72 $2.71 $2.75 $2.79 • Year-Over-Year Growth 5.8% — 1.1% — Key Assumptions 2026 Same Property Pool: • % Change in Cash NOI 4.1%2 2.0% 2.5% 3.0% • Year-end O
Slide 9: Factors Supporting Growth
FACTORS SUPPORTING GROWTH
Slide 10: Historic Increase in DOD Spending in FY 2026
Historic Increase in DOD Spending in FY 2026 DOD's DISCRETIONARY BUDGET AUTHORITY FY 2017–FY 2025, DOD’s Base Budget ("Base Budget") grew at a compound annual rate of 4.2% $1,000 $954 $950 15% Increase YoY $900 in FY 2026 based on FY 2026 FY 2026 Defense Budget was appropriated Defense Budget + OBBB
Slide 11: Portfolio Supports Priority DOD Missions
Portfolio Supports Priority DOD Missions TOTAL PORTFOLIO BY DEMAND DRIVER1 100% of capital commitments since 2016 have been to investments in our DEMAND DRIVER TOTAL SF (000S) % LEASED % ARR Defense/IT Portfolio, which support priority U.S. Defense Missions Ft. Meade/BW Corridor 9,235 95% 44% Only p
Slide 12: External Growth from Investment
External Growth from Investment Allocating Capital to Projects at our Defense/IT Locations is the Foundation for External Growth Active Development CAPITAL COMMITTED TO NEW INVESTMENTS ($) $450,000 • $448M of developments | 882,000 SF | 86% leased1 Capital Committed to New Investments $400,000 $389,
Slide 13: Strong Balance Sheet Supports Growth
Strong Balance Sheet Supports Growth 2025: Increased Debt Capacity by $400M • Recast Revolving Credit Facility1 MAINTAINING OUR STRONG BALANCE SHEET • Upsized by $200M to $800M 6.4x 6.3x • Extended maturity by 3 years to 2030 • SOFR spread declined 20 bps to 85 bps 6.2x 6.1x • Eliminated 10 bps SOFR
Slide 14: Well-Staggered Debt Maturity Schedule
Well-Staggered Debt Maturity Schedule Strategy is to Refinance Debt Maturities + Term Out Debt Component of Development DEBT MATURITY SCHEDULE Investment in Public Fixed Income Market as of 12/31/25 (in thousands) $700,000 Pre-Funded 2026 Bond Maturity $600,000 $600,000 • Issued $400M of 4.50% Senio
Slide 15: Portfolio Update
PORTFOLIO UPDATE
Slide 16: Defense/IT Portfolio % Leased + Occupied
Vacancy Leasing Achieved Exceeded Full Year Target Total Portfolio 94.0% Occupied; 95.3% Leased1 VACANCY LEASING IN OPERATING PORTFOLIO3 (000s) 2020 2021 2022 2023 2024 2025 2026E 416 SF 616 SF 801 SF 452 SF 500 SF 557 SF 400 SF Excellent Volume in 2025 800 83 100% • 557,000 SF executed equates to 1
Slide 17: Sector-Leading Tenant Retention
Sector-Leading Tenant Retention Driven By: CDP's retention rate is 1. Unique + Advantaged Locations more than double that of 2. Significant Tenant Co-investment RENEWAL RATES SINCE 2020 the Office REITs that report this metric 3. Long-term Tenant Relationships - 90% 4. Operating Platform With Creden
Slide 18: Positive Cash Rent Spreads on Renewals since 2023
Positive Cash Rent Spreads on Renewals since 2023 TOTAL PORTFOLIO | CASH RENT SPREADS ON RENEWALS Cash Rent Spreads on Renewals have been 3.0% 2026 guidance midpoint is ~400 bps higher than 2020–2022 average positive for the past 3 years (2023–2025) 2.0% (2.1%) average 2.0% • 2026E is expected to be
Slide 19: Lease Expirations in 2026
Lease Expirations in 2026 ~2.8M SF of Expirations in Defense/IT Portfolio in 2026 • ~2.2M SF or ~80%, are with the U.S.Government (USG) • 953K of which is at Lackland AFB in San Antonio • Accounts for ~33% of expiring Defense/IT SF and >40% of ARR • Lease economics have been finalized, waiting for U
Slide 20: Large Lease Expirations | 2Q 2024 Through 4Q 2026
Large Lease Expirations | 2Q 2024 Through 4Q 2026 Expect to Renew Over 95% of Large Leases (>50,000 SF) Expiring Through Year-end 2026 30 Month Outlook as of 2Q24 4.0M SF of Large Leases to Expire between 2Q24–4Q26... • 13 leases with the U.S. Government (all full building properties) • 12 leases in
Slide 21: Conclusion
CONCLUSION Strong Results + Continued Growth
Slide 22: Strong Growth in Profitability
Strong Growth in Profitability COPT Defense’s FFOPS has compounded at 2026 FFOPS midpoint guidance of $2.75 implies 4.4% per year from 2019–2026E and 1.1% growth over 2025 results 4.9% per year from 2023–2026E1 FFOPS, FFO, AS ADJUSTED FOR COMPARABILITY AS ADJUSTED FOR COMPARABILITY (in thousands) $2
Slide 23: Attractive Investment Opportunity
Attractive Investment Opportunity GROWTH DIVIDEND STOCK GROWTH Compound Annual Dividend per share FFOPS Growth has increased from 2019–2026E 10.9% since 2022 of 4.4% VALUE STOCK Trades at 11.3x FFO1 1. As of the closing price on February 4, 2026. 23
Slide 24: Continued Growth
Continued Growth Strong leasing demand at existing properties FFOPS, AS ADJUSTED FOR COMPARABILITY $448M of active developments (882,000 SF) are $2.80 86% leased1 $2.75 $2.72 $2.70 Committed $278M of capital to new investments in 2025 including acquisition of Stonegate I $2.60 $2.57 4.4% ~1.0M SF de
Slide 25: Appendices
APPENDICES • Safe Harbor • Definitions + Glossary • Reconciliations
Slide 26: Safe Harbor
Safe Harbor UNLESS OTHERWISE NOTED, INFORMATION IN THIS PRESENTATION REPRESENTS THE COMPANY'S CONSOLIDATED PORTFOLIO AS OF OR FOR THE QUARTER ENDED DECEMBER 31, 2025. • This presentation may contain forward-looking statements within the meaning of the Federal securities laws. Forward-looking stateme
Slide 27: 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 properties. term of greater than one-year.
Slide 28: Definitions + Glossary (continued)
Definitions + Glossary (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 common unit holders ("Diluted AFFO") adjustments, amortization of
Slide 29: Definitions + Glossary (continued)
Definitions + Glossary (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 Defined as Adjusted EBITDA, as further adjusted for: (1) certain events occurring in a three
Slide 30: Definitions + Glossary (continued)
Definitions + Glossary (continued) Net debt adjusted for fully-leased investment properties Net debt to adjusted book and Net debt adjusted for fully-leased investment Defined as Net debt less costs incurred on properties under development and on operating properties to adjusted book property acquis
Slide 31: Definitions + Glossary (continued)
Definitions + Glossary (continued) Replacement capital expenditures Straight-line rent Tenant improvements and incentives, building improvements and leasing costs incurred during the Includes annual minimum base rents, net of abatements and lease incentives and excluding rent period for operating pr
Slide 32: Reconciliations
Reconciliations Year Ended December 31, Three months ended Reconciliations of net income to diluted FFO and diluted FFO as adjusted for comparability (in thousands) 2019 2020 2021 2022 2023 2024 2025 12/31/25 Net income (loss) $ 200,004 $ 102,878 $ 81,578 $ 178,822 $ (74,347) $ 143,942 $ 159,534 $ 3
Slide 33: Reconciliations (continued)
Reconciliations (continued) Actuals Guidance Year Ending Reconciliations of diluted EPS to diluted FFOPS per Nareit and as Year Ended December 31, 2026 adjusted for comparability (in dollars per share) December 31, 2025 Low High Diluted EPS $ 1.34 $ 1.21 $ 1.29 Real estate-related depreciation and a
Slide 34: Reconciliations (continued)
Reconciliations (continued) Reconciliations of net income to Adjusted EBITDA, in-place adjusted EBITDA Three Months Ended and pro forma in-place adjusted EBITDA (in thousands) 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Net income $ 14,965 $ 52,087 $ 34,820 $ 36,467 $ 39,396 Interest expense 16,217
Slide 35: COPT Defense Properties
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