Slide 1: Results for 3rd Quarter 2025 – Updated 2025 Guidance
Results for rd 3 Quarter 2025 Updated 2025 Guidance OCTOBER 30, 2025 Change Presentation Title on First Master Slide
Slide 2: Table of Contents
Table of Contents RESULTS FOR 3RD QUARTER 2025 APPENDICES • Page 3 • Page 29 • Safe Harbor | Page 30 UPDATED 2025 GUIDANCE • Definitions + Glossary | Page 31 • Page 6 • Reconciliations | Page 36 FACTORS SUPPORTING GROWTH • Page 9 PORTFOLIO UPDATE • Page 20 CONCLUSION • Page 25 2
Slide 3: Results for 3rd Quarter 2025
RESULTS FOR 3RD QUARTER 2025
Slide 4: Strong 3rd Quarter 2025 Results
Strong 3rd Quarter 2025 Results 3Q25 YTD FFOPS, as adjusted for comparability $0.69 $2.02 • FFO per share growth year-over-year 6.2% 5.2% • 3Q25 results were 2-cents above midpoint of guidance • Met or exceeded guidance each quarter over the past 31 quarters Increase in Same Property cash NOI | Tota
Slide 5: Commentary on 3rd Quarter 2025 Results
Commentary on 3rd Quarter 2025 Results FFOPS, As Adjusted For Comparability = $0.69 Vacancy Leasing = 78,000 SF • 2-cent beat versus midpoint of guidance was driven by: • Outperformed our expectation • 1-cent from a gain on an alternative investment • 432,000 SF executed YTD and ~110,000 SF2 of leas
Slide 6: Updated 2025 Guidance
UPDATED 2025 GUIDANCE
Slide 7: FY 2025 Guidance Updates
FY 2025 Guidance Updates1 Green highlighted rows = Increase to guidance FY 2024 FY 2025 Initial Guidance FY 2025 Updated Guidance FY 2025 Updated Guidance as of 4Q 2024 as of 2Q 2025 as of 3Q 2025 Actual Low Midpoint High Low Midpoint High Low Midpoint High FFOPS2 $2.57 $2.62 $2.66 $2.70 $2.65 $2.67
Slide 8: FY 2025 Guidance Summary
FY 2025 Guidance Summary1 Green highlighted rows = Increase to guidance FY 2024 FY 2025 Updated Guidance Actual Low Midpoint High EPS $1.23 $1.35 $1.36 $1.37 FFOPS, as adjusted for comparability $2.57 $2.69 $2.70 $2.71 • Year-Over-Year Growth 6.2% — 5.1% — Key Assumptions 2025 Same Property Pool: •
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 2026E Budget Request + ~$113B ("Base Budget") from the One Big Beautiful Bill Act Fiscal Responsibility Act of 2023 $945 $900 (OBBBA) equates to $113 $850 • 13% increase over FY 2025 Enacted $833 $831 $826 $800 • 36
Slide 11: Portfolio Supports Priority DOD Missions
Portfolio Supports Priority DOD Missions Deeply concentrated our capital Total Portfolio by Demand Driver1 allocation since 2012 in our Demand Driver Total SF (000s) % Leased % ARR Defense/IT Portfolio, which support priority U.S. Defense Missions Ft. Meade/BW Corridor 9,235 96% 46% Only public REIT
Slide 12: Capital Committed to New Investments
External Growth from Investment ALLOCATING CAPITAL TO PROJECTS AT OUR DEFENSE/IT LOCATIONS IS THE Capital Committed to New Investments ($) FOUNDATION FOR EXTERNAL GROWTH $450,000 Active Development $400,000 Average development investment = $272M • $311M of developments | 812,000 SF | 68% leased1 $35
Slide 13: Stonegate I Acquisition
STONEGATE | : ACQUISITION ae
Slide 14: Stonegate I Acquisition | Building Overview
Stonegate I Acquisition | Building Overview 100% LEASED TO DEFENSE CONTRACTOR WITH SIGNIFICANT SCIF IMPROVEMENTS 142,000 SF | 6 Stories • 15050 Conference Center Drive | Chantilly, Virginia • Built in 2000 | Class A Office • Within a 1-mile radius of our ~1.5M SF Westfields office portfolio Total In
Slide 15: Stonegate I Acquisition | Satisfies our Criteria for Investment
Stonegate I Acquisition | Satisfies our Criteria for Investment MISSION ☑ Attracts tenants serving missions tied to Demand Driver Top 20 U.S. Defense Contractor MARKET ☑ Defense/IT Location proximate to Demand Driver Route 28 South | Chantilly, VA Proximate to Intelligence Community ACQUISITION TARG
Slide 16: Stonegate I Acquisition | Financial + Strategic Rationale
Stonegate I Acquisition | Financial + Strategic Rationale1 ATTRACTIVE CASH • Year 1 | Cash NOI Yield = 9.0% YIELDS ACCRETIVE TO • Nearly 1/2-cent accretive to FFOPS in 2025 FFO/SH • Nearly 2-cents accretive to FFOPS in 2026 FUNDING IS • Equity Component | Cash from operations after the dividend LEVE
Slide 17: Westfields Portfolio | Chantilly, Virginia
Westfields Portfolio | Chantilly, Virginia U.S. Government 6% Rental Revenue FBI Cyber 4 Buildings 900K Square Feet 100% Leased 100% Secure + ATFP Stonegate I 430K Future Dev. Square Feet Acquisition Defense Contractors1 4% Rental Revenue 8 Buildings 910K Square Feet 90% Leased National Data Center
Slide 18: Strong Balance Sheet Supports Growth
Strong Balance Sheet Supports Growth $400M of Additional Debt Capacity • 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 6.2x • SOFR spread declined 20 bps to 85 bps 6.2x 6.1x 6.1x 6.1x • Eliminated 1
Slide 19: Well-Staggered Debt Provides Stability
Well-Staggered Debt Provides Stability STRATEGY IS TO REFINANCE DEBT Debt Maturity Schedule MATURITIES + TERM OUT DEBT COMPONENT OF DEVELOPMENT as of 9/30/25 (in thousands) INVESTMENT IN PUBLIC FIXED INCOME $700,000 MARKET $600,000 Pre-funded 2026 Bond Maturity $600,000 $500,000 • Issued $400M of 4.
Slide 20: Portfolio Update
PORTFOLIO UPDATE
Slide 21: Defense/IT Portfolio % Leased + Occupied
Strong Vacancy Leasing Total portfolio 93.9% occupied; 95.7% leased1 Vacancy Leasing in Operating Portfolio3 2020 2021 2022 2023 2024 2025 YTD 416,000 SF 616,000 SF 801,000 SF 452,000 SF 500,000 SF 432,000 SF Excellent volume in 2025 YTD 800 100% • Exceeded expectations • 432,000 SF executed YTD equ
Slide 22: Sector-Leading Tenant Retention
Sector-Leading Tenant Retention CDP's retention rate is DRIVEN BY: more than double that of the Office REITs that 1. UNIQUE + ADVANTAGED LOCATIONS Renewal Rates Since 2020 report this metric 2. SIGNIFICANT TENANT CO-INVESTMENT 90% 3. LONG-TERM TENANT RELATIONSHIPS 80% 4. OPERATING PLATFORM WITH CRED
Slide 23: Lease Expirations in 4Q25
Lease Expirations in 4Q25 1.7M SF of Expirations in Defense/IT Portfolio Remaining in 2025 • 1.4M SF or ~80%, are USG Secure Full Building Leases • USG renewal process on all is underway • It is routine for some USG leases to go into standstill for a few months each year 23
Slide 24: Large Lease Expirations | 2Q 2024 Through 4Q 2026
Large Lease Expirations | 2Q 2024 Through 4Q 2026 EXPECT TO RENEW ~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 Def
Slide 25: Conclusion
CONCLUSION Strong Results + Continued Growth
Slide 26: Strong Growth in Profitability
Strong Growth in Profitability COPT Defense’s FFOPS has compounded at 4.9% 2025E FFOPS midpoint guidance of $2.70 implies per year from 2019–2025E 5.1% growth over 2024 results FFOPS, FFO, as Adjusted for Comparability as Adjusted for Comparability (in thousands) $2.70 $2.70 $325,000 $311,000 $2.60
Slide 27: Attractive Investment Opportunity
Attractive Investment Opportunity GROWTH DIVIDEND STOCK GROWTH Compound Annual Dividend per share FFOPS Growth has increased from 2019–2025E 10.9% since 2022 of 4.9% VALUE STOCK Trades at 10.2x FFO1 1. As of the closing price on October 29, 2025. 27
Slide 28: Continued Growth
Continued Growth Strong leasing demand at existing properties FFOPS, $311M of active developments as Adjusted for Comparability $2.70 (812,000 SF) are 68% leased1 $2.70 Committed $124M of capital to new investments $2.60 $2.57 YTD including acquisition of Stonegate I 4.9% $2.50 CAGR ~1.3M SF develop
Slide 29: Appendices
APPENDICES • Safe Harbor • Definitions + Glossary • Reconciliations
Slide 30: Safe Harbor
Safe Harbor UNLESS OTHERWISE NOTED, INFORMATION IN THIS PRESENTATION REPRESENTS THE COMPANY'S CONSOLIDATED PORTFOLIO AS OF OR FOR THE QUARTER ENDED SEPTEMBER 30, 2025. • This presentation may contain forward-looking statements within the meaning of the Federal securities laws. Forward-looking statem
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: Reconciliations
Reconciliations Reconciliations of net income to diluted FFO, diluted FFO as adjusted for comparability and diluted AFFO Year Ended December 31, Three months ended Nine Months Ended (in thousands) 2019 2020 2021 2022 2023 2024 09/30/25 09/30/25 Net income (loss) $ 200,004 $ 102,878 $ 81,578 $ 178,82
Slide 37: Reconciliations (continued)
Reconciliations (continued) Actuals Guidance Year Ending Reconciliations of diluted EPS to diluted FFOPS per Nareit and as Year Ended December 31, 2025 adjusted for comparability (in dollars per share) December 31, 2024 Low High Diluted EPS $ 1.23 $ 1.35 $ 1.37 Real estate-related depreciation and a
Slide 38: 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) 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 9/30/25 Net income $ 44,877 $ 83,549 $ 14,965 $ 52,087 $ 34,820 $ 36,4
Slide 39: COPT Defense Properties
\ COPT DEFENSE PROPERTIES il hy ‘|