Copt Defense Properties · NYSE:CDP
Copt Defense Properties — Debt Investor Presentation (September 2025)
18 slides from Copt Defense Properties's debt investor presentation, Sep 23, 2025
Slide 1: Company Overview Fixed Income Investor Meeting September 2025
Company Overview FIXED INCOME INVESTOR MEETING September 2025 Exhibit 99.1
Slide 2: Legal Disclaimer
| 2 Legal Disclaimer Disclaimers COPT Defense Properties (“COPT Defense” or “CDP”) and subsidiaries (collectively, the “Company”) has filed an automatically effective shelf registration statement on Form S-3 with the Securities and Exchange Commission. The offering of these securities will be made o
Slide 3: Portfolio Supports Priority DOD Missions
| 3 Portfolio Supports Priority DOD Missions Demand Driver Total SF (000s) % Occupied % ARR Ft. Meade/BW Corridor 9,234 94% 46% NoVA Defense/IT 2,501 93% 13% Lackland AFB 1,142 100% 10% Navy Support 1,271 84% 5% Redstone Arsenal 2,511 96% 9% Data Center Shells1 5,924 100% 7% Defense/IT Demand Driver
Slide 4: Historic Increase in DOD Spending in FY 2026
| 4 Historic Increase in DOD Spending in FY 2026 FY 2026E Budget Request + ~$113B from the One Big Beautiful Bill Act (OBBBA) equates to • 13% increase over FY 2025 Enacted • 36% increase over FY 2021 • 58% increase over FY 2017 • OBBBA appropriates an additional $150B to Defense, with ~$113B alloca
Slide 5: Strong + Consistent Internal and External Growth
| 5 Strong + Consistent Internal and External Growth Remaining Achieved Average Annual Development Spend2 (in thousands) $243,000 $260,000 $- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 2015 - 2019 2020 - 2024 Internal Growth from Lease Structure • Vast majority of leases, including USG, co
Slide 6: High Quality + Stable Tenant Base
| 6 High Quality + Stable Tenant Base Tenant Credit Rating (S&P / Moody's)1 Annualized Rental Revenue (ARR)2 % of Total ARR2 Occupied Square Feet Weighted Average Remaining Lease Term (Years)3 United States Government4 AA+ / Aa1 $250,853 35.8% 5,642 3.0 Fortune 100 Company AA / A1 68,512 9.8% 6,402
Slide 7: 2025 Performance YTD: Strong Financial + Portfolio Performance
| 7 2.2% 1.1% 0.8% (0.4%) (1.1%) (3.2%) (8.2%) (10%) (8%) (6%) (4%) (2%) 0% 2% 4% CDP: Defense/IT Portfolio CDP: Total Portfolio Retail REITs Apartments REITs All Equity REITs Industrial REITs Office REITs 96.6% 95.8% 95.6% 94.0% 92.9% 92.8% 85.2% 84% 86% 88% 90% 92% 94% 96% 98% 100% Retail REITs Ap
Slide 8: Strong Balance Sheet Supports Growth
| 8 Strong Balance Sheet Supports Growth Maintaining CDP’s Strong Balance Sheet • Generating cash flow to fund the equity component of development/acquisition investment on a leverage neutral basis • Debt component funded by line of credit and other debt issuances Long-term Debt/EBITDA1 target is <
Slide 9: Well-Staggered Debt Provides Stability
| 9 Well-Staggered Debt Provides Stability Strategy is to Refinance Debt Maturities + Term out Debt Component of Development Investment in Public Fixed Income Market $68,114 1 2 Significant unencumbered pool of assets • Unencumbered portfolio = 97% of total NOI from real estate operations • Secured
Slide 10: Financial Statistics: Adjusted EBITDA Fixed Charge Coverage Ratio Strengthens
| 10 4.4x 4.7x 4.9x 4.6x 4.9x 5.1x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x 5.5x 2023 2024 Q2 2025 Includes Cap Interest Excludes Cap Interest Financial Statistics ADJUSTED EBITDA FIXED CHARGE COVERAGE RATIO CONTINUES TO STRENGTHEN 4.4x 4.7x 4.9x 4.6x 4.9x 5.1x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x 5.5x 2023
Slide 11: Financial Statistics: Total Adjusted Book and Unencumbered Adjusted Book
| 11 Financial Statistics Total Adjusted Book1 Increased to $6.1B Unencumbered Adjusted Book Reached 97% of the Total $5.7 $6.0 $6.1 $5.5 $5.6 $5.7 $5.8 $5.9 $6.0 $6.1 $6.2 2023 2024 Q2 2025 (billioins) 95% 97% 97% 80% 82% 84% 86% 88% 90% 92% 94% 96% 98% 100% 2023 2024 Q2 2025 1. Refer to the sectio
Slide 12: Appendices
Appendices | 12
Slide 13: Definitions + Glossary
13 Definitions + Glossary Acquisition costs Transaction costs expensed in connection with executed or anticipated acquisitions of operating properties. Adjusted book Total assets presented on the Company's consolidated balance sheet, net of lease liabilities associated with property right-of-use ass
Slide 14: Definitions + Glossary (continued)
14 Definitions + Glossary (continued) Diluted FFO per share Defined as (1) Diluted FFO divided by (2) the sum of the (a) weighted average common shares outstanding during a period, (b) weighted average common units outstanding during a period and (c) weighted average number of potential additional c
Slide 15: Reconciliations
Reconciliations Reconciliations of net income to diluted FFO and diluted FFO as adjusted for comparability (in thousands) Net income Real estate-related depreciation and amortization Impairment losses on real estate Gain on sales of real estate Depreciation and amortization on unconsolidated real es
Slide 16: Reconciliations (continued)
| 16 Reconciliations (continued)
Slide 17: Reconciliations (continued)
| 17 Reconciliations (continued)
Slide 18: Reconciliations (continued)
| 18 Reconciliations (continued)
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