COPT Defense Properties (CDP) Conference Presentation summary

First quarter 2026 performance

• Achieved $0.69 FFOPS, a 6.2% year-over-year increase and 1 cent above guidance midpoint.

• Occupancy exceeded 94% for 13 consecutive quarters; leased rate ≥95% for 9 quarters.

• Same property cash NOI rose 5.4% year-over-year, driven by burn-off of free rent.

• Tenant retention reached 91%, with cash rent spreads on renewals at 3.8%.

• $201M capital committed to new investments, including major projects in Texas and Maryland.

Updated 2026 guidance

• Midpoint FFOPS raised to $2.76, implying 1.5% year-over-year growth.

• Same property cash NOI growth guidance increased by 50 bps to 3.0%.

• Tenant retention guidance raised to 80–85%, up 250 bps from initial outlook.

• Capital commitment to new investments increased by $40M to $290M.

• Guidance reflects strong 1Q26 outperformance and new land acquisition in Chantilly, VA.

Portfolio and leasing highlights

• 90% of annualized rental revenue comes from defense/IT tenants; 95% portfolio occupancy.

• Top tenants include US Government, General Dynamics, Northrop Grumman, and Lockheed Martin.

• 1.6M SF leased in 1Q26, with 1.2M SF renewals and 384,000 SF investment leasing.

• 2026 vacancy leasing on pace, with 67% of annual target executed or in advanced negotiations.

• Large lease expirations show 97% retention for 2.9M SF renewed between 3Q24–1Q26.