COPT Defense Properties targets $2.75 FFO per share for 2026 while advancing $450M in pre-leased developments

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• Developments are expected to generate an incremental $52 million of cash NOI annually once stabilized between 2026 and 2029

  80% confidence

• The company has the ability to handle expected development investments with cash generated internally

  80% confidence

• Increasing defense spending will drive long-term demand for the company's properties

  80% confidence

• In the Defense/IT portfolio, 424,000 square feet of vacancy leasing was achieved, surpassing the entire portfolio goal

  80% confidence

• The team executed 557,000 square feet of vacancy leasing, exceeding the initial target by 40%

  80% confidence

• 2025 was another great year for the company as we outperformed on virtually all of our operating and financial metrics

  80% confidence

• We're very confident we're going to continue to produce solid growth as we have and that's my message

  80% confidence

• Not currently. We're constantly evaluating opportunities, but there's nothing that we're seriously considering regarding data center opportunities

  80% confidence

• Guidance assumes tenant retention at 80% and cash rent spreads up 2% at the midpoint for 2026

  80% confidence

• Our yield targets haven't really changed for developments. We target 8.5% cash-on-cash yield at the commencement of the lease

  80% confidence

• Our overall capacity on the land we control without structured parking is 5.5 million square feet. So we got 3 million square feet of development runway on the enhanced use land that we do currently control

  80% confidence

• Earlier-than-expected lease commencements, lower operating expenses, and the Stonegate acquisition contributed to outperformance

  80% confidence

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