COPT DEFENSE PROPERTIES

For the period ended Dec 31, 2024. Filed Feb 21, 2025.

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FY2024 · Filed Feb 21, 2025

CDP$33.46+1.8%Stored close · as of Nov 9, 2026

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Contents

ITEM 2. PROPERTIES

The following table provides certain information about our operating property segments as of December 31, 2024 (dollars and square feet in thousands, except per square foot amounts):

Segment	Number of Properties	Operational Square Feet	Occupancy (1)	ARR (2)	ARR per Occupied Square Foot (2)
Defense/IT Portfolio:
Fort Meade/BW Corridor:
National Business Park (Annapolis Junction, MD)	34	4,286	99.4%	$181,841	$42.66
Howard County, MD	36	3,063	92.4%	85,630	$30.21
Other	23	1,725	95.0%	54,879	$33.35
Fort Meade/BW Corridor Subtotal / Average	93	9,074	96.2%	322,350	$36.88
NoVA Defense/IT	16	2,500	91.7%	89,553	$39.07
Lackland Air Force Base	9	1,143	93.0%	69,367	$60.70
Navy Support	22	1,271	82.6%	31,158	$29.66
Redstone Arsenal	24	2,475	94.5%	60,897	$25.89
Data Center Shells:
Consolidated Properties	7	1,633	100.0%	39,107	$23.95
Unconsolidated Joint Venture Properties	24	4,295	100.0%	7,853	$18.28
Defense/IT Portfolio Subtotal / Average	195	22,391	95.6%	620,285	$35.05
Other	8	2,146	72.8%	66,559	$38.74
Total Operating Properties / Average	203	24,537	93.6%	$686,844	$35.35
Total Consolidated Operating Properties			$678,991

(1)This percentage is based upon all rentable square feet under lease terms that were in effect as of December 31, 2024.

(2)Refer to definition provided in Item 7 of this Annual Report on Form 10-K.

The following table provides certain information about properties that were under, or contractually committed for, development as of December 31, 2024 (dollars and square feet in thousands):

Property and Location	Estimated Rentable Square Feet Upon Completion	Percentage Leased	Calendar Quarter Anticipated to be Operational	Costs Incurred to Date (1)	Estimated Costs to Complete (1)
Fort Meade/BW Corridor:
400 National Business Parkway Annapolis Junction, MD	138	0%	2Q 26	$41,546	$23,554
Redstone Arsenal:
9700 Advanced Gateway Huntsville, AL	50	73%	1Q 26	7,121	3,917
Data Center Shells:
MP 3 Northern Virginia	225	100%	3Q 25	12,172	99,628
Southpoint Phase 2 Bldg B Northern Virginia	193	100%	4Q 25	6,602	58,398
Subtotal / Average	418	100%		18,774	158,026
Total Under Development	606	75%		$67,441	$185,497

(1)Includes land, development, leasing costs and allocated portion of structured parking and other shared infrastructure, if applicable.

The following table provides certain information about land that we owned or controlled as of December 31, 2024, including properties under ground lease to us (square feet in thousands):

Segment	Acres	Estimated Developable Square Feet
Defense/IT Portfolio land owned/controlled for future development:
Fort Meade/BW Corridor:
National Business Park (Annapolis Junction, MD)	144	1,483
Howard County, MD	19	290
Other	126	1,338
Total Fort Meade/BW Corridor	289	3,111
NoVA Defense/IT	29	1,171
Navy Support	38	64
Redstone Arsenal (1)	295	3,350
Data Center Shells (2)	365	3,300
Total Defense/IT Portfolio land owned/controlled for future development	1,016	10,996
Other land owned/controlled	53	1,538
Total Land Owned/Controlled	1,069	12,534

(1)This land is owned by the USG and is controlled under a long-term master lease agreement to a consolidated joint venture. As this land is developed in the future, the joint venture will execute site-specific leases under the master lease agreement. Lease payments will commence under the site-specific leases as cash rents under tenant leases commence at the respective properties.

(2)Represents land acquired in September 2024.

Lease Expirations

The following table provides a summary schedule of lease expirations for leases in place at our operating properties as of December 31, 2024 based on the non-cancelable term of tenant leases determined in accordance with generally accepted accounting principles in the United States of America (“GAAP”) (dollars and square feet in thousands, except per square foot amounts):

Year of Lease Expiration	Square Footage of Leases Expiring	ARR of Expiring Leases (1)	Percentage of Total ARR Expiring (1)	Total ARR of Expiring Leases Per Occupied Square Foot (1)
2025	2,980	$131,582	19.2%	$44.12
2026	2,307	73,396	10.7%	$38.50
2027	2,060	63,147	9.2%	$36.40
2028	3,157	102,608	14.9%	$35.85
2029	3,218	74,826	10.9%	$32.13
2030	1,888	46,280	6.7%	$30.92
2031	1,063	19,179	2.8%	$28.47
2032	283	9,036	1.3%	$31.89
2033	661	26,558	3.9%	$40.19
2034	1,576	37,700	5.5%	$30.24
2035	1,271	42,142	6.1%	$33.15
2036	1,089	13,139	1.9%	$31.61
2037	102	9,768	1.4%	$94.77
2038	569	14,986	2.2%	$26.33
2039	483	10,706	1.6%	$22.16
2040	254	6,592	1.0%	$25.87
2041 (2)	—	4,936	0.7%	$—
2063 (2)	—	137	—%	$—
2072 (2)	—	126	—%	$—
Total	22,961	$686,844	100.0%	$35.35

(1)Refer to definition provided in Item 7 of this Annual Report on Form 10-K.

(2)Includes only ground leases.

With regard to the leases reported above as expiring in 2025, we believe that the weighted average ARR per occupied square foot for such leases as of December 31, 2024, on average, approximated current market rents for the related space, with specific results varying by market.

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