• Like American Tower (AMT), but instead of cell towers, they own and manage secure office and data center properties primarily for U.S. defense and intelligence agencies.
• A specialized Prologis (PLD), focused on providing secure office and data center space for the U.S. government and defense contractors, rather than logistics warehouses for broader industries.
• The real estate equivalent of a major defense contractor like Lockheed Martin (LMT), providing mission-critical facilities to the U.S. government and its allies.

• Office Property Leasing: Leasing of specialized office and office/flex properties primarily to the U.S. government and defense contractors.
• Data Center Shell Leasing: Leasing of data center shell properties designed to meet the high-security requirements of government and defense industries.
• Property Development: Development of new build-to-suit and speculative office and data center properties to expand its portfolio.

COPT Defense Properties (CDP) primarily leases mission-critical facilities, including secure office and data center space, to the U.S. Government and its defense contractors.

The company sells primarily to other organizations (companies and government entities) rather than individuals.

Major Customers:

• The U.S. Government: This is COPT Defense Properties' single largest customer. As of December 31, 2023, the U.S. Government, including various agencies within the Department of Defense and intelligence agencies, represented approximately 32.8% of CDP's annualized rent. The U.S. Government is not a public company and therefore does not have a stock symbol.
• Defense Contractors: A significant portion of CDP's remaining revenue comes from various defense contractors that require secure facilities near government installations. However, COPT Defense Properties' public filings (e.g., its 2023 Annual Report on Form 10-K) state that no single tenant, other than the U.S. Government, accounted for more than 10% of its annualized rent as of December 31, 2023. This indicates a diversified customer base among its defense contractor tenants, and individual major customer companies (with their respective symbols) are not specifically disclosed by CDP.

Stephen E. Budorick, President and Chief Executive Officer

Stephen E. Budorick has served as President and Chief Executive Officer of COPT Defense Properties since May 2016, and was elected Trustee in the same month. Prior to his current role, he was the Executive Vice President and Chief Operating Officer of COPT Defense Properties from September 2011 through May 2016. Before joining COPT Defense, Mr. Budorick served as Executive Vice President of asset management at Callahan Capital Partners, LLC, starting in 2006. His earlier career included serving as Executive Vice President in charge of Trizec Properties, Inc.'s Central Region from 1997 to 2006, and as Executive Vice President in charge of third-party management and leasing at Miglin Beitler Management Company from 1991 to 1997. He also held positions in asset management at LaSalle Partners, Inc. from 1988 to 1991 and in facilities management and planning at the American Hospital Association from 1983 to 1988. Mr. Budorick holds a B.S. in Industrial Engineering from the University of Illinois and an MBA in Finance from the University of Chicago.

Anthony Mifsud, Executive Vice President and Chief Financial Officer

Anthony Mifsud is the Executive Vice President and Chief Financial Officer for COPT Defense Properties, a role he assumed effective April 1, 2015. In this capacity, he oversees all financial functions including Accounting, Financial Planning and Analysis, Tax, Treasury, Capital Markets, and Investor Relations, as well as the information technology department. Mr. Mifsud joined COPT Defense in September 2007. Before his tenure at COPT Defense, he was Senior Vice President and Treasurer for Municipal Mortgage & Equity, where he led the corporate finance group and chaired the company's Capital Committee. He also spent over 15 years as Vice President, Finance for The Rouse Company, where he was involved in arranging several billion dollars of debt and equity financings and managing strategic planning. Mr. Mifsud previously practiced as a Certified Public Accountant (CPA) at KPMG Peat Marwick.

Britt A. Snider, Executive Vice President and Chief Operating Officer

Britt A. Snider serves as the Executive Vice President and Chief Operating Officer of COPT Defense Properties, having joined the company in December 2023. In this role, he manages the company's overall operations, including asset management, leasing, property management, government services, and commercial development. He is also responsible for developing and executing strategies to expand investment opportunities, particularly in new development at existing Defense/IT Properties. Prior to joining COPT Defense, Mr. Snider was a Principal of Redbrick LMD, a diversified real estate investment and development company where he was part of the senior leadership team overseeing development, asset management, and leasing. Earlier, he was Senior Vice President at WS Development, where he led mixed-use development initiatives. From 2006 to 2019, he served as Executive Vice President, Head of Commercial Asset Management and Principal, Development at JBG Smith (NYSE: JBGS).

Robert L. Denton, Sr., Chairman of the Board

Robert L. Denton, Sr. has been the Chairman of the Board of COPT Defense Properties since January 2024 and a member of the Board since May 1999. He possesses significant real estate and finance experience. Mr. Denton retired as a Managing Partner from The Shidler Group in 2013, where he had been employed since 1994 and was responsible for implementing the group's new investment vehicles across finance, real estate, and insurance sectors. From 1991 to 1994, he was a Co-Founder and Managing Director with Providence Capital, Inc., an investment banking firm.

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COPT Defense Properties (CDP) specializes in providing secure, high-tech real estate solutions primarily for the U.S. government and defense contractors. Their main products and services include leasing agreements for mission-critical facilities, build-to-suit development, and property management services. These properties encompass secure office spaces, research and development (R&D) facilities, and data centers, predominantly located near key U.S. defense installations.

The addressable market for COPT Defense Properties' services is primarily within the United States:

• The U.S. federal government leased approximately 176 million square feet of real estate across the country as of March 2024, with the majority being office and industrial properties. The federal government's annual rental cost for leased property within the United States is approximately $6.2 billion. The General Services Administration (GSA), which manages federal property and leases, accounts for over $4.3 billion of this annual rent.
• The defense and aerospace real estate leasing market in the U.S. saw significant activity, with leasing surging to 11.3 million square feet in 2024, a 60% increase from 2022. This growth is driven by increased military spending and a high demand for specialized facilities, including Sensitive Compartmented Information Facilities (SCIFs).

Expected Drivers of Future Revenue Growth for COPT Defense Properties (CDP)

Over the next 2-3 years, COPT Defense Properties (CDP) is expected to experience revenue growth driven by several key factors:

1. Increased Department of Defense (DOD) Spending and Demand for Specialized Defense/IT Properties: CDP's portfolio is strategically positioned near key U.S. government defense installations, benefiting from a favorable defense spending environment. The projected FY 2026 budget request and additional funding demonstrate a significant increase in defense spending, driving persistent demand for the company's high-security, mission-critical facilities. This specialized focus ensures stable demand for its properties.
2. Robust Leasing Activity and High Occupancy Rates: The company has consistently reported strong leasing activity and has achieved high occupancy rates, with its Q3 2025 occupancy reaching 95.7%, the highest in two decades. Management has also increased its vacancy leasing targets, indicating continued confidence in demand for its properties. This strong demand translates into sustained rental income.
3. Strategic Development and Acquisition Pipeline: CDP is actively pursuing revenue growth through strategic development projects and acquisitions. Examples include the development of data center shells for cloud computing tenants in Des Moines, Iowa, and the acquisition of a fully-leased office building in Chantilly, Virginia. These new investments are anticipated to be significant contributors to future revenue and Funds From Operations (FFO) growth.
4. Rent Growth and Escalators Driving Same-Property Cash NOI: The company is realizing healthy growth in same-property cash Net Operating Income (NOI), primarily due to higher average occupancy, effective operating expense management, and the expiration of free rent periods on development leases. Management has raised its guidance for same-property cash NOI growth and cash rent spreads on renewals, further indicating future revenue expansion from existing properties. Built-in rent escalators also contribute to this consistent growth.