Slides
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Change Presentation Title on First Master Slide Results for FEBRUARY 5, 2026 4th Quarter + FY 2025 2026 Guidance
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2 Table of Contents • Page 3 • Page 4 • Page 7 • Page 9 • Page 15 • Page 21 • Page 25 • Safe Harbor | Page 26 • Definitions + Glossary | Page 27 • Reconciliations | Page 32 2 ACHIEVEMENTS OVER THE PAST 6 YEARS RESULTS FOR 4TH QUARTER + FY 2025 FACTORS SUPPORTING GROWTH PORTFOLIO UPDATE APPENDICES 2026 GUIDANCE CONCLUSION
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3 Achievements Over the Past Six Years1 • Increased Total Portfolio size by 31% • 110 basis points in Total Portfolio | 180 basis points in Defense/IT Portfolio • 5-year and 10-year weighted average of 79% • Cash rent spreads on renewals are 440 and 530 basis points higher in the Total Portfolio and Defense/IT Portfolio, respectively2 • Increased ARR by 42% and SF by 28% • Sector leading credit spreads as evidenced by $400M issuance of Senior Notes due 2030 at 95 bps credit spread • Lowered average interest rate by 60 basis points • Increased fixed charge coverage ratio by 0.6x and reduced % of secured debt from ~12% to ~5% • Generating cash flow (after dividend) to fund $275M of development/acquisition investments annually on a leverage neutral basis 1. Compares metrics between 4Q19 to 4Q25. 2. Based on the trailing 2-year weighted average, comparing 2018–2019 to 2024–2025. Increased FFOPS by 34% (5.0% CAGR) and AFFO by 33% (4.9% CAGR) Increased dividend by 10.9% over the past 3 years Placed $1.9 billion of developments into service (96% leased) Increased occupancy Sector-leading tenant retention Improved pricing power Enhanced relationship with U.S. Government Strengthened balance sheet Achieved self-funding FFOPS, AS ADJUSTED FOR COMPARABILITY $2.03 $2.12 $2.29 $2.36$2.42 $2.57 $2.72 2019 2020 2021 2022 2023 2024 2025 $1.80 $1.90 $2.00 $2.10 $2.20 $2.30 $2.40 $2.50 $2.60 $2.70 $2.80 5.0% CAGR
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RESULTS FOR 4TH QUARTER + FY 2025
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5 Strong 4th Quarter + FY 2025 Results 4Q25 2025 FFOPS, as adjusted for comparability $0.70 $2.72 • FFO per share growth year-over-year 7.7% 5.8% • 4Q25 + 2025 results were 2-cents above midpoint of revised guidance • Met or exceeded guidance each quarter over the past 32 quarters Increase in Same Property cash NOI | Total Portfolio 2.6% 4.1% Increase in Same Property cash NOI | Defense/IT Portfolio 3.8% 3.6% Occupancy + Leased Rate | Defense/IT Portfolio 95.5% Occupied • Occupancy rate > 94% for 12 consecutive quarters 96.5% Leased Occupancy + Leased Rate | Same Property portfolio 94.2% Occupied • Leased rate ≥ 95% for 8 consecutive quarters 95.3% Leased Leasing Performance • Total Leasing 735,000 SF 3.1M SF • Vacancy Leasing 125,000 SF 557,000 SF • Renewal Leasing 336,000 SF 2.0M SF • Investment Leasing 274,000 SF 477,000 SF Retention Rate | Total Portfolio 63%1 78% Change in Cash Rent on Renewals | Total Portfolio (5.2%) 1.1% 1. Impacted by U.S. Government delays (see page 6 for additional detail).
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6 Commentary on 4th Quarter + FY 2025 Results • FFOPS increased 5.8% year-over-year • 7th consecutive year of growth • 2-cent beat versus midpoint of guidance was driven by: • Earlier than anticipated lease commencement at MP 3 • Additional interest and other income on investments • Lower net interest expense from timing of development funding • In-line with full-year guidance • Driven by a 40 bps increase in average occupancy to 94.3% • ~90 bps negative impact due to non-recurring tax refunds in 4Q24 • 4Q25 Stonegate I $45M 100% Leased • 4Q25 4400 River Road $66M 100% Leased • 4Q25 Project EL 2 $88M 100% Leased 2025: FFOPS, As Adjusted for Comparability = $2.72 2025: Vacancy Leasing = 557,000 SF, Exceeded Target 2025: Tenant Retention / Cash Rent Spreads = 78% / 1.1% 2025: Capital Commitment to New Investments = $278M • Initial target of 400,000 SF • Increased to 450,000 SF in 2Q25 • Increased to 500,000 SF in 3Q25 • Full-year and 4Q25 results were primarily impacted by ~700,000 SF of secure full building U.S. Government leases, which we forecasted to renew in 4Q25, but were delayed until 2026 • Annual results were below midpoint of guidance at 82.5% / 2.0%, respectively • If the U.S. Government leases were not delayed, tenant retention / cash rent spreads would have been 84% / 2.4%, respectively • We expect the ~700,000 SF of renewals will be executed in 1Q26 • 4Q25 8500 Advanced Gateway 32,000 SF • 4Q25 4400 River Road 110,000 SF • 4Q25 Project EL 2 132,000 SF 2025: Increase in Same Property Cash NOI YoY = 4.1% 2025: Investment Leasing = 477,000 SF 4Q25: FFOPS, As Adjusted for Comparability = $0.70 4Q25: Increase in Same Property Cash NOI YoY = 2.6% 4Q25: Vacancy Leasing = 125,000 SF 4Q25: Tenant Retention / Cash Rent Spreads = 63% / (5.2%) 4Q25: Capital Commitment to New Investments = $199M 4Q25: Investment Leasing = 274,000 SF
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2026 GUIDANCE
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8 FY 2026 Guidance Summary1 FY 2025 ACTUAL FY 2026 GUIDANCE Low Midpoint High EPS $1.34 $1.21 $1.25 $1.29 FFOPS, as adjusted for comparability $2.72 $2.71 $2.75 $2.79 • Year-Over-Year Growth 5.8% — 1.1% — Key Assumptions 2026 Same Property Pool: • % Change in Cash NOI 4.1%2 2.0% 2.5% 3.0% • Year-end Occupancy 94.2%2 93.5% 94.0% 94.5% Leasing: • Tenant Retention 78% 75.0% 80.0% 85.0% • Change in Cash Rents on Renewals 1.1% 1.0% 2.0% 3.0% Investment Activity Capital Invested in Development / Acquisitions $234 $200 $225 $250 Capital Commitment to New Investments $278 $225 $250 $275 Property Sales — Immaterial 1. Dollars are in millions (except per share data). 2. Same Property metrics in 2025 refer to the 2025 Pool. Please see the Company's 2026 Guidance press release issued 2/5/26 for Management Commentary on initial 2026 guidance.
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FACTORS SUPPORTING GROWTH
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10 DOD's DISCRETIONARY BUDGET AUTHORITY ("Base Budget") $599 $655 $675 $694 $697 $729 $799 $826 $833 $841 Base Budget One Big Beautiful Bill Act (OBBBA) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F $300 $350 $400 $450 $500 $550 $600 $650 $700 $750 $800 $850 $900 $950 $1,000 Historic Increase in DOD Spending in FY 2026 FY 2017–FY 2025, DOD’s Base Budget grew at a compound annual rate of 4.2% FY 2026 Defense Budget was appropriated on February 3, 2026 at $841B One Big Beautiful Bill Act (OBBBA) enacted on July 4, 2025 appropriated an additional $150B for Defense • ~$113B allocated in FY 2026 FY 2026 Defense Budget + ~$113B from OBBBA equates to • 15% increase over FY 2025 Enacted • 37% increase over FY 2021 • 59% increase over FY 2017 $954 3, 43 $113 OBBBA passed in July 2025 adding $150B for Defense in addition to discretionary resources with: • ~$113B spent in FY 2026 for DOD activities 37% Increase 1, 2 1, 2 1, 2 1, 2 1 1 1 3 Current dollars, in billions. 1. Historical data (2017–2023) is pulled from Table 2-1 of the National Defense Budget Estimates for FY 2024 (“Green Book”). 2. DOD Base Budget (051) numbers from 2017–2020 include funding for overseas contingency operations ("OCO"). The OCO funding category was discontinued in 2021, with direct war costs and enduring operations accounted for in the DOD base budget. 3. 2024 actual, 2025 enacted, and 2026 authorization is pulled from the U.S. Dept of Defense ("DOD") FY 2026 Budget Request and Defense Appropriations Act, 2026; Capital Alpha Partners; COPT Defense’s IR Department. 4. Discretionary Budget Authority with Mandatory Reconciliation Funding is based on the FY 2026 DOD Budget Request. 15% Increase YoY in FY 2026 based on FY 2026 Defense Budget + OBBBA 4.2% CAGR Fiscal Responsibility Act of 20235
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11 Portfolio Supports Priority DOD Missions 100% of capital commitments since 2016 have been to investments in our Defense/IT Portfolio, which support priority U.S. Defense Missions Only public REIT for secured, specialized space and credentialed personnel 90% of Annualized Rental Revenues (ARR) from Defense/IT Portfolio1 • Concentration of revenues among high credit tenants generates resilient cash flows • Virtually all U.S. Government leases are under the Procurement Authority of the Mission • GSA leases account for less than 1% of Total ARR • Primarily DOD Procurement, U.S. District Court System, and Federal Law Enforcement 1. As of December 31, 2025. 2. SF reflects 100% of 24 joint ventured data centers; % of ARR is based on COPT Defense’s share. DEMAND DRIVER TOTAL SF (000S) % LEASED % ARR Ft. Meade/BW Corridor 9,235 95% 44% Redstone Arsenal 2,525 98% 9% NoVA Defense/IT 2,643 95% 14% Lackland AFB 1,143 100% 10% Navy Support 1,271 90% 5% Data Center Shells2 6,342 100% 8% D/IT DEMAND DRIVERS 23,159 97% 90% Other 1,988 81% 10% TOTAL PORTFOLIO 25,147 95% 100% TOTAL PORTFOLIO BY DEMAND DRIVER1
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12 Allocating Capital to Projects at our Defense/IT Locations is the Foundation for External Growth • $448M of developments | 882,000 SF | 86% leased1 • 2025 Total | $278M | 640,000 SF | 81% leased • Exceeded revised guidance midpoint of $250M • Initial guidance of $200–$250M • 2025 Developments: • 1Q25 8500 Advanced Gateway $52M • 3Q25 7700 Advanced Gateway $27M • 4Q25 4400 River Road $66M • 4Q25 Project EL 2 $88M • 2025 Acquisitions: • 4Q25 Stonegate I $45M 2 • 2026 Developments: • 1Q26 620 Guardian Way $146M • 2026 Guidance Midpoint $250M • ~1.0M SF development leasing pipeline and ~1.0M SF of potential future opportunities External Growth from Investment 1. As of February 4, 2026. 2. Based on $40M gross purchase price and anticipated building capital over the next 6 years. CAPITAL COMMITTED TO NEW INVESTMENTS ($) $250,000 $265,000 $389,000 $214,000 $212,000 Defense/IT Average (2020-2025) 2020 2021 2022 2023 2024 2025 2026E $— $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 Average = $273M Initial Guidance Remaining Guidance Midpoint Active Development Capital Committed to New Investments Future Opportunities $280,000 $278,000
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13 Strong Balance Sheet Supports Growth • Generating cash flow after the dividend to fund the equity component of $275M for development/acquisition investments annually on a leverage neutral basis • No external equity required • Debt component funded by Revolving Credit Facilities and bond issuances 6.3x 6.0x 6.1x 6.0x 5.9x 5.8x 5.7x 6.0x 5.9x 5.8x Debt/EBITDA Debt adj for fully leased invest. prop./EBITDA 2021 2022 2023 2024 2025 5.0x 5.2x 5.4x 5.6x 5.8x 6.0x 6.2x 6.4x MAINTAINING OUR STRONG BALANCE SHEET 1. Closed on October 6, 2025 and maturity date assumes our exercise of two six-month extension options. 2. Closed on October 16, 2025. 3. Pro forma net debt to in-place adjusted EBITDA ratio applies to years 2021 and 2022. 4. Pro forma net debt adjusted for fully leased investment properties to in-place adjusted EBITDA ratio applies to years 2021 and 2022. 43 Ability to Self-Fund Investment 2025: Increased Debt Capacity by $400M • Recast Revolving Credit Facility1 • Upsized by $200M to $800M • Extended maturity by 3 years to 2030 • SOFR spread declined 20 bps to 85 bps • Eliminated 10 bps SOFR transition charge • Entered into Secured Revolving Credit Agreement2 • $200M facility to fund development
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14 DEBT MATURITY SCHEDULE as of 12/31/25 (in thousands) $400,000 $395,000 $400,000 $454,000 $600,000 $400,000 $46,239 $96,000 Unsecured / Pre-FundedUnsecured Secured 2026 2027 2028 2029 2030 2031 2032 2033 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 Well-Staggered Debt Maturity Schedule • Issued $400M of 4.50% Senior Notes due 2030 on October 2, 2025 at 95 bps credit spread • Proceeds will be used to repay $400M of 2.25% Senior Notes at maturity on March 15, 2026 • Unencumbered portfolio = 92% of total NOI from real estate operations • Secured debt accounts for only 5% of debt outstanding 1. Includes $400.0M in 2.25% Senior Notes due 2026, the repayment of which we pre-funded with net proceeds from our issuance on 10/2/25 of $400.0M of 4.50% Senior Notes due 2030. Pending such repayment, we are using the net proceeds from this debt issuance for general corporate purposes, which is resulting in a portion of the net proceeds being invested in interest-bearing accounts. 2. Term loan balance of $50.0M is included in 2028 assuming our exercise of a 12-month extension option. Also included is $345.0M principal amount of exchangeable senior notes due in 2028 unless earlier exchanged, redeemed or repurchased only in the event of certain circumstances and during certain periods defined under the terms of the notes. 3. Revolving Credit Facility balance of $54.0M is included in 2030 assuming our exercise of two six-month extension options. Also included is our Revolving Development Facility balance of $96.0 million assuming our exercise of a 12-month extension option. $0 Pre-Funded 2026 Bond Maturity 1 Significant Unencumbered Pool of Assets Strategy is to Refinance Debt Maturities + Term Out Debt Component of Development Investment in Public Fixed Income Market $0 2 3 $61 Note: 2026 unsecure d = $61000 but I changed to $110000 00 to get it to show slightly on bar
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PORTFOLIO UPDATE
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16 Vacancy Leasing Achieved Exceeded Full Year Target • 557,000 SF executed equates to 139% of initial full year target • Initial target of 400,000 SF • Increased to 450,000 SF in 2Q25 • Increased to 500,000 SF in 3Q25 • Represented 47% of available space in the portfolio at the beginning of 2025 • Weighted average lease term of 7.6 years • ~875,000 SF of prospects on ~1.2M SF of availability2 • 10% in advanced negotiations 1. As of December 31, 2025. 2. As of January 30, 2026. 3. Percent occupied and leased statistics are for Defense/IT Portfolio. Square Feet of Vacancy Leased (000s) Defense/IT Portfolio % Leased + Occupied 355 591 362 388 424 40061 83 90 113 Defense/IT Other % Leased % Occupied 2020 2021 2022 2023 2024 2025 2026E 0 100 200 300 400 500 600 700 800 50% 60% 70% 80% 90% 100% VACANCY LEASING IN OPERATING PORTFOLIO3 (000s) 2020 2021 2022 2023 2024 2025 2026E 416 SF 616 SF 801 SF 452 SF 500 SF 557 SF 400 SF Excellent Volume in 2025 Total Portfolio 94.0% Occupied; 95.3% Leased1 Defense/IT Other % Leased % Occupied 2026 Target Target 25 133 719 2026 Target of 400,000 SF
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17 Sector-Leading Tenant Retention Driven By: 1. Unique + Advantaged Locations 2. Significant Tenant Co-investment 3. Long-term Tenant Relationships 4. Operating Platform With Credentialed Personnel • 10-year average = 79% (2016–2025)1 • 5-year average = 79% (2021–2025)1 • Renewed 2.0M SF • ~700,000 SF of secure full building USG leases forecasted to renew in 4Q25 were delayed into 2026 • If the USG leases were not delayed, tenant retention would have been 84% in 2025 • We expect the ~700,000 SF of renewals will be executed in 1Q 2026 RENEWAL RATES SINCE 2020 81% 74% 72% 80% 78% 80% CDP 5-Year Weighted Average (2021–2025) Office REIT 5-Year Weighted Average (2020–2024) 2020 2021 2022 2023 2024 2025 2026E 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 1. Historical averages are calculated based on a weighted average retention rate by renewal leasing square feet. 2. Office REIT 5-Year Weighted Average is based on the weighted average square feet on renewals for BDN, BXP, HPP, and KRC. CDP's retention rate is more than double that of the Office REITs that report this metric 2 Initial Guidance Track Record of Strong Tenant Retention Rates 2025 Total Retention Rate of 78% 2026 Guidance of 75%–85% - - 86% Guidance Midpoint
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18 Positive Cash Rent Spreads on Renewals since 2023 (2.1%) (2.2%) (2.0%) 1.5% 0.6% 1.1% 2.0% 2020 2021 2022 2023 2024 2025 2026E (3.0%) (2.0%) (1.0%) —% 1.0% 2.0% 3.0% 2026 guidance midpoint is ~400 bps higher than 2020–2022 averageCash Rent Spreads on Renewals have been positive for the past 3 years (2023–2025) • 2026E is expected to be the 4th year of positive rent spreads 2026 Guidance Midpoint of 2.0% is roughly 400 basis points higher than the (2.1%) average between 2020–2022 Change in Cash Rents on Renewals has a negligible impact to Total Lease Revenue • Average cash rent spread decline of (2.1%) between 2020–2022 amounts to only 0.2% of average Total Lease Revenue during the period • Average cash rent spread increase of 1.0% between 2023–2025 amounts to only 0.1% of average Total Lease Revenue during the period TOTAL PORTFOLIO | CASH RENT SPREADS ON RENEWALS (2.1%) average between 2020–2022 CHANGE IN CASH RENTS ON RENEWALS AS A PERCENTAGE OF LEASE REVENUE 1% 1% (0.7)% ($0.4) (0.8%) (0.1%) (0.3%) (0.7%) (0.3%) (0.3%) (0.2%) 0.1% 0.1% 0.1% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (1.0%) (0.5%) —% 0.5% (0.26%) (0.28%) (0.19%) 0.13% 0.09% 0.11% 2020 2021 2022 2023 2024 2025 (0.40%) (0.30%) (0.20%) (0.10%) 0.00% 0.10% 0.20%
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19 Lease Expirations in 2026 4% 4.0 million SF of Large Leases Set to Expire through YE 2026 consisted of: > 13 leases with the U.S. Government (13 full building properties) > 12 leases in Defense/IT Portfolio | 10 with Defense Contractors (4 full building leases) > 6 leases on Data Center Shells (single-tenant/full building) > 1 lease in the Other Segment > 57% of total expiring SF and ARR Renewed 800,000 SF of that 4.0 million SF of Large Leases: > Amounts to ~20% of expiring SF and ~9% of expiring ARR > 4 leases in Defense/IT Portfolio | Defense Contractors (2 full building leases) > 1 downsize = ~2,500 SF > 3 leases in Data Center Shells (single-tenant/full building) ~2.8M SF of Expirations in Defense/IT Portfolio in 2026 • ~2.2M SF or ~80%, are with the U.S.Government (USG) • 953K of which is at Lackland AFB in San Antonio • Accounts for ~33% of expiring Defense/IT SF and >40% of ARR • Lease economics have been finalized, waiting for USG to finish processing the paperwork • USG renewal process is underway on remainder 1. Midpoint of 2026 guidance range of 75%–85%.
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20 Large Lease Expirations | 2Q 2024 Through 4Q 2026 4% 4.0 million SF of Large Leases Set to Expire through YE 2026 consisted of: > 13 leases with the U.S. Government (13 full building properties) > 12 leases in Defense/IT Portfolio | 10 with Defense Contractors (4 full building leases) > 6 leases on Data Center Shells (single-tenant/full building) > 1 lease in the Other Segment > 57% of total expiring SF and ARR Renewed 800,000 SF of that 4.0 million SF of Large Leases: > Amounts to ~20% of expiring SF and ~9% of expiring ARR > 4 leases in Defense/IT Portfolio | Defense Contractors (2 full building leases) > 1 downsize = ~2,500 SF > 3 leases in Data Center Shells (single-tenant/full building) Expect to Renew Over 95% of Large Leases (>50,000 SF) Expiring Through Year-end 2026 4.0M SF of Large Leases to Expire between 2Q24–4Q26... • 13 leases with the U.S. Government (all full building properties) • 12 leases in Defense/IT Portfolio | 10 with Defense Contractors (4 full building leases) • 6 leases on Data Center Shells (single-tenant/full building) • 57% of total expiring SF and ARR at 2Q24 30 Month Outlook as of 2Q24 ...Renewed 2.0M SF between 3Q24–4Q25 • 1 lease with the U.S. Government • 12 leases in Defense/IT Portfolio | 10 Defense Contractors (4 full building leases) • 6 leases in Data Center Shells (single-tenant/full building) • 1 lease in the Other Segment • Retained 95% of SF, but retained 100% of tenants
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CONCLUSION Strong Results + Continued Growth
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22 Strong Growth in Profitability 1. 2023 is based on the original midpoint of guidance of $2.38. 2. The midpoint of initial diluted FFOPS guidance, as adjusted for comparability. 3. Excludes the benefit of the dilutive add-back of FFO attributable to redeemable noncontrolling interests of $1.96M. 4. The midpoint of initial FFO guidance, as adjusted for comparability. See Appendix for reconciliations of diluted EPS to diluted FFOPS, as adjusted for comparability. FFOPS, AS ADJUSTED FOR COMPARABILITY $2.04 $2.08 $2.19 $2.34 $2.38 $2.51 $2.66 $2.03 $2.12 $2.29 $2.36 $2.42 $2.57 $2.72 $2.75 2019 2020 2021 2022 2023 2024 2025 2026E $1.90 $2.00 $2.10 $2.20 $2.30 $2.40 $2.50 $2.60 $2.70 $2.80 FFO, AS ADJUSTED FOR COMPARABILITY (in thousands) $229,344 $241,356 $260,326 $268,965 $275,913 $294,837 $313,704$319,000 2019 2020 2021 2022 2023 2024 2025 2026E $200,000 $225,000 $250,000 $275,000 $300,000 $325,000 COPT Defense’s FFOPS has compounded at 4.4% per year from 2019–2026E and 4.9% per year from 2023–2026E1 2026 FFOPS midpoint guidance of $2.75 implies 1.1% growth over 2025 results Actual ResultsInitial Guidance2 3 Initial 2026 Guidance2 4.4% CAGR 4.8% CAGR Actual Results Initial Guidance4
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23 Attractive Investment Opportunity 1. As of the closing price on February 4, 2026. VALUE STOCK Trades at 11.3x FFO1 GROWTH STOCK Compound Annual FFOPS Growth from 2019–2026E of 4.4% DIVIDEND GROWTH Dividend per share has increased 10.9% since 2022
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24 Continued Growth Strong leasing demand at existing properties $448M of active developments (882,000 SF) are 86% leased1 Committed $278M of capital to new investments in 2025 including acquisition of Stonegate I ~1.0M SF development leasing pipeline and ~1.0M SF of potential future opportunities Appropriated budget increases and bipartisan support for future growth in Defense Budgets expected to continue to drive demand for existing and new development space Conservative leverage profile with a well- laddered debt maturity schedule and ample liquidity to fund investments Combination of these factors support expectation that FFO per share will grow nearly 5% on a compounded basis between 2023 through 2026 1. As of February 4, 2026. 2. The midpoint of initial diluted FFOPS guidance, as adjusted for comparability. See Appendix for reconciliations. FFOPS, AS ADJUSTED FOR COMPARABILITY $2.03 $2.12 $2.29 $2.36 $2.42 $2.57 $2.72 $2.75 2019 2020 2021 2022 2023 2024 2025 2026E $1.80 $1.90 $2.00 $2.10 $2.20 $2.30 $2.40 $2.50 $2.60 $2.70 $2.80 4.4% CAGR Actual Results Initial Guidance2
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APPENDICES • Safe Harbor • Definitions + Glossary • Reconciliations
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26 Safe Harbor UNLESS OTHERWISE NOTED, INFORMATION IN THIS PRESENTATION REPRESENTS THE COMPANY'S CONSOLIDATED PORTFOLIO AS OF OR FOR THE QUARTER ENDED DECEMBER 31, 2025. • This presentation may contain forward-looking statements within the meaning of the Federal securities laws. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although we believe that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, we can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements and we undertake no obligation to update or supplement any forward-looking statements. • The areas of risk that may affect these expectations, estimates and projections include, but are not limited to, those risks described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
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27 Definitions + Glossary Acquisition costs Transaction costs expensed in connection with executed or anticipated acquisitions of operating properties. Adjusted book Total assets presented on our consolidated balance sheet, net of lease liabilities associated with property right-of-use assets, and excluding the effect of cash and cash equivalents, accumulated depreciation on real estate properties, accumulated amortization of intangible assets on real estate acquisitions, accumulated amortization of deferred leasing costs and unconsolidated real estate joint ventures (“JVs”) cash and cash equivalents, liabilities, and accumulated depreciation and amortization (of intangibles on property acquisitions and deferred leasing costs) allocable to our ownership interest in the JVs. Adjusted EBITDA Net income or loss adjusted for the effects of interest expense, depreciation and amortization, gain on sales and impairment losses of real estate and investments in unconsolidated real estate JVs, gain or loss on early extinguishment of debt, gain or loss on interest rate derivatives, net gain or loss on other investments, credit loss expense or recoveries, operating property acquisition costs, income taxes, business development expenses, demolition costs on redevelopment and nonrecurring improvements, executive transition costs and certain other expenses that we believe are not relevant to an investor's evaluation of our ability to repay debt. Adjusted EBITDA also includes adjustments to net income or loss for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. In instances in which we report ARR per occupied square foot, the measure excludes revenue from leases not associated with our buildings. Annualized rental revenue (“ARR”) The monthly contractual base rent as of the reporting date (ignoring free rent then in effect and rent associated with tenant funded landlord assets) multiplied by 12, plus the estimated annualized expense reimbursements under existing leases for occupied space. With regard to properties owned through unconsolidated real estate JVs, we include the portion of ARR allocable to COPT Defense’s ownership interest. ATFP Anti-terrorism force protection. Average escalations Leasing statistic used to report average increase in rental rates over lease terms for leases with a term of greater than one-year. Baltimore/Washington region Includes counties that comprise the Fort Meade/Baltimore Washington Corridor. As of December 31, 2025, 95 of COPT Defense’s properties were located within this defined region. Please refer to page 12 of COPT Defense’s Supplemental Information package dated December 31, 2025 for additional detail. Basic FFO available to common share and common unit holders (“Basic FFO”) FFO adjusted to subtract (1) preferred share dividends, (2) income or loss attributable to noncontrolling interests through ownership of preferred units in COPT Defense Properties, L.P. (the “Operating Partnership”) or interests in other consolidated entities not owned by us, (3) depreciation and amortization allocable to noncontrolling interests in other consolidated entities, (4) Basic FFO allocable to share-based compensation awards and (5) issuance costs associated with redeemed preferred shares. With these adjustments, Basic FFO represents FFO available to common shareholders and holders of common units in the Operating Partnership (“common units”). Common units are substantially similar to our common shares of beneficial interest (“common shares”) and are exchangeable into common shares, subject to certain conditions. BRAC Base Realignment and Closure Commission of the United States Congress, the most recent of which Congress established in 2005 to ensure the integrity of the base closure and realignment process. The Commission provided an objective, non-partisan, and independent review and analysis of the list of military installation recommendations issued by the Department of Defense (“DOD”) on May 13, 2005. The Commission's mission was to assess whether the DOD recommendations substantially deviated from the Congressional criteria used to evaluate each military base. While giving priority to the criteria of military value, the Commission took into account the human impact of the base closures and considered the possible economic, environmental, and other effects on the surrounding communities. C4ISR Command, Control, Communications, Computers, Intelligence, Surveillance & Reconnaissance.
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28 Definitions + Glossary (continued) Cash net operating income (“Cash NOI”) NOI from real estate operations adjusted to eliminate the effects of: straight-line rental adjustments, amortization of tenant incentives, amortization of intangibles and other assets included in FFO and NOI, lease termination fees from tenants to terminate their lease obligations prior to the end of the agreed upon lease terms and rental revenue recognized under GAAP resulting from landlord assets and lease incentives funded by tenants. Cash NOI also includes adjustments to NOI from real estate operations for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. Under GAAP, rental revenue is recognized evenly over the term of tenant leases (through straight-line rental adjustments and amortization of tenant incentives), which, given the long term nature of our leases, does not align with the economics of when tenant payments are due to us under the arrangements. Also under GAAP, when a property is acquired, we allocate the acquisition to certain intangible components, which are then amortized into NOI over their estimated lives, even though the resulting revenue adjustments are not reflective of our lease economics. In addition, revenue from lease termination fees and tenant-funded landlord improvements, absent an adjustment from us, would result in large one-time lump sum amounts in Cash NOI that we do not believe are reflective of a property’s long-term value. Cash rent Includes monthly contractual base rent (ignoring rent abatements and rent associated with tenant funded landlord assets) multiplied by 12, plus estimated annualized expense reimbursements (average for first 12 months of term for new or renewed leases or as of lease expiration for expiring leases. Debt/Total market capitalization Gross debt, divided by our total market capitalization. Defense/IT Portfolio Represents properties in locations proximate to, or sometimes containing, key U.S. Government defense installations and missions. Development leasing pipeline Formerly called the Shadow Development Pipeline, this internally maintained schedule tracks potential future development leasing transactions for which the Company is competing and believes it has a 50% or greater chance of winning within the next 24 months. Development profit or yield Calculated as cash NOI divided by the estimated total investment, before the impact of cumulative real estate impairment losses. Diluted adjusted funds from operations available to common share and common unit holders ("Diluted AFFO") Diluted FFO, as adjusted for comparability, adjusted for the following: (1) the elimination of the effect of (a) noncash rental revenues and property operating expenses (comprised of straight-line rental adjustments, which includes the amortization of recurring tenant incentives, and amortization of acquisition intangibles included in FFO and NOI, both of which are described under “Cash NOI” above), (b) share-based compensation, net of amounts capitalized, (c) amortization of deferred financing costs, (d) amortization of debt discounts and premiums and (e) amortization of settlements of debt hedges; and (2) replacement capital expenditures (defined below). Diluted AFFO also includes adjustments to Diluted FFO, as adjusted for comparability for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. Diluted FFO available to common share and common unit holders ("Diluted FFO") Basic FFO adjusted to add back any changes in Basic FFO that would result from the assumed conversion of securities that are convertible or exchangeable into common shares. The computation of Diluted FFO (which includes discontinued operations, if any) assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase Diluted FFO per share in a given period. Diluted FFO available to common share and common unit holders, as adjusted for comparability ("Diluted FFO, as adjusted for comparability") Diluted FFO or FFO adjusted to exclude: operating property acquisition costs (for acquisitions classified as business combinations); gain or loss on early extinguishment of debt; demolition costs on redevelopment and nonrecurring improvements; FFO associated with properties that secured non- recourse debt on which we defaulted and, subsequently, extinguished via conveyance of such properties (including property NOI, interest expense and gains on debt extinguishment); loss on interest rate derivatives; and executive transition costs associated with named executive officers. Diluted FFO, as adjusted for comparability also includes adjustments to Diluted FFO for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. 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 common shares that would have been outstanding during a period if other securities that are convertible or exchangeable into common shares were converted or exchanged. The computation of Diluted FFO per share assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase Diluted FFO per share in a given period.
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29 Definitions + Glossary (continued) Diluted FFO per share, as adjusted for comparability Defined as (1) Diluted FFO available to common share and common unit holders, as adjusted for comparability 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 common shares that would have been outstanding during a period if other securities that are convertible or exchangeable into common shares were converted or exchanged. The computation of this measure assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase the per share measure in a given period. DISA Defense Information Systems Agency. EBITDA See Adjusted EBITDA. EUL Enhanced Use Lease whereby the DOD grants a lease interest to a private developer in exchange for rent that the DOD can use to improve the related defense installation. Funds from operations ("FFO" or "FFO per Nareit") Defined as net income or loss computed using GAAP, excluding gains on sales and impairment losses of real estate and investments in unconsolidated real estate JVs (net of associated income tax) and real estate-related depreciation and amortization. FFO also includes adjustments to net income or loss for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that we use the National Association of Real Estate Investment Trust’s (“Nareit”) definition of FFO, although others may interpret the definition differently and, accordingly, our presentation of FFO may differ from those of other REITs. Gross debt Defined as debt reported on our consolidated balance sheet adjusted to exclude net discounts and premiums and deferred financing costs, as further adjusted to include outstanding debt of unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. GSA United States General Services Administration. In-place adjusted EBITDA Defined as Adjusted EBITDA, as further adjusted for: (1) certain events occurring in a three month period to reflect Adjusted EBITDA as if the events occurred at the beginning of such period, including; (a) properties acquired, placed in service or expanded upon subsequent to the commencement of a period made in order to reflect a full period of ownership/operations; (b) properties removed from service or in which we disposed of interests; (c) significant mid-period occupancy changes associated with properties recently placed in service or acquired as if such occupancy changes occurred at the beginning of such period; and (2) adjustments to deferred rental revenue associated with changes in our assessment of collectability and other adjustments included in the period that we believe are not closely correlated with our operating performance. The measure also includes adjustments for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that the pro forma adjustments described above are consistent with the requirements for preparation of amounts presented on a pro forma basis in accordance with Article 11 of Regulation S-X. Interest duration The length of time for which an interest rate on debt is fixed. Investment space leased Includes vacant space leased within two years of the shell completion date for development properties or acquisition date for operating property acquisitions. NGA National Geospatial Intelligence Agency. Net construction contract and other service revenues Defined as net operating income from real estate services such as property management, development and construction services primarily for the Company's properties but also for third parties. Construction contract and other service revenues and expenses consist primarily of subcontracted costs that are reimbursed to the Company by the customer along with a management fee. The operating margins from these activities are small relative to the revenue. The Company believes NOI from service operations is a useful measure in assessing both its level of activity and its profitability in conducting such operations. Net debt Gross debt (total outstanding debt reported per our balance sheet as adjusted to exclude net discounts and premiums and deferred financing costs), as adjusted to subtract cash and cash equivalents as of the end of the period. The measure also includes adjustments to Gross debt for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs.
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30 Definitions + Glossary (continued) Net debt adjusted for fully-leased investment properties Defined as Net debt less costs incurred on properties under development and on operating property acquisitions that were 100% leased. We believe that this supplemental measure is useful in providing investors the impact to our debt of these fully leased properties that are not yet contributing to our adjusted EBITDA. We believe that debt reported on our consolidated balance sheet is the most directly comparable GAAP measure to this non-GAAP measure. PORTFOLIO Net debt to adjusted book and Net debt adjusted for fully-leased investment properties to adjusted book These measures divide either Net debt or Net debt adjusted for fully-leased investment properties by Adjusted book. Net debt to in-place adjusted EBITDA ratio and Net debt adjusted for fully- leased investment properties to in-place adjusted EBITDA ratio Defined as Net debt or Net debt adjusted for fully-leased investment properties divided by in-place adjusted EBITDA (defined above) for the three month period that is annualized by multiplying by four. Net operating income from real estate operations ("NOI") Includes: consolidated real estate revenues; consolidated property operating expenses; and the net of revenues and property operating expenses of real estate operations owned through unconsolidated real estate JVs that are allocable to COPT Defense’s ownership interest in the JVs. Payout ratios based on: Diluted FFO; Diluted FFO, as adjusted for comparability; and Diluted AFFO These payout ratios are defined as (1) the sum of dividends on common and deferred shares and distributions to holders of interests in the Operating Partnership and dividends on convertible preferred shares to the extent they are dilutive in the respective FFO per share numerators divided by (2) the respective non-GAAP measures. Pro forma net debt, pro forma net debt adjusted for fully-leased investment properties, pro forma in-place adjusted EBITDA and associated ratios These measures and the ratios in which they are used adjust for the effect of noted dispositions of interests in properties that occurred subsequent to the end of reporting periods and before our release of financial results for such periods. The adjustments remove Adjusted EBITDA from real estate operations associated with the disposed interests in properties and adjust our net debt measures for resulting proceeds available for debt pay downs to reflect these measures and ratios as if such events occurring subsequent to a three month reporting period occurred at the beginning of such reporting period. We believe that these adjustments are consistent with the requirements for preparation of amounts presented on a pro forma basis in accordance with Article 11 of Regulation S-X. Redevelopment Properties previously in operations on which activities to substantially renovate such properties are underway or approved. 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 # of Properties Total Portfolio 207 204 204 204 203 Consolidated Portfolio 183 180 180 180 179 Defense/IT Portfolio 201 198 198 198 197 Same Property 198 198 198 198 198 % Occupied Total Portfolio 94.0 % 93.9 % 94.0 % 93.6 % 93.6 % Consolidated Portfolio 92.8 % 92.6 % 92.8 % 92.3 % 92.2 % Defense/IT Portfolio 95.5 % 95.4 % 95.6 % 95.3 % 95.4 % Same Property 94.2 % 94.3 % 94.5 % 94.1 % 94.4 % % Leased Total Portfolio 95.3 % 95.7 % 95.6 % 95.1 % 95.1 % Consolidated Portfolio 94.3 % 94.8 % 94.6 % 94.0 % 94.1 % Defense/IT Portfolio 96.5 % 97.0 % 96.8 % 96.6 % 96.7 % Same Property 95.3 % 95.8 % 95.7 % 95.2 % 95.7 % Square Feet (in thousands) Total Portfolio 25,147 24,585 24,571 24,548 24,537 Consolidated Portfolio 20,851 20,290 20,276 20,253 20,242 Defense/IT Portfolio 23,159 22,597 22,583 22,560 22,549 Same Property 23,858 23,858 23,858 23,858 23,858
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31 Definitions + Glossary (continued) Replacement capital expenditures Tenant improvements and incentives, building improvements and leasing costs incurred during the period for operating properties that are not (1) items contemplated prior to the acquisition of a property, (2) improvements associated with the expansion of a building or its improvements, (3) renovations to a building which change the underlying classification of the building (for example, from industrial to office or Class C office to Class B office), (4) capital improvements that represent the addition of something new to the property rather than the replacement of something (for example, the addition of a new heating and air conditioning unit that is not replacing one that was previously there) or (5) replacements of significant components of a building after the building has reached the end of its original useful life. Replacement capital expenditures excludes expenditures of operating properties included in disposition plans during the period that were already sold or are held for future disposition. For cash tenant incentives not due to the tenant for a period exceeding three months past the date on which such incentives were incurred, we recognize such incentives as replacement capital expenditures in the periods such incentives are due to the tenant. Replacement capital expenditures, which is included in the computation of Diluted AFFO, is intended to represent non-transformative capital expenditures of existing properties held for long- term investment. Same Property Operating office and data center shell properties stably owned and 100% operational since at least the beginning of the prior year. Same Property NOI and Same Property cash NOI NOI, or Cash NOI, from real estate operations of Same Property groupings. SCIF Sensitive (or Secure) Compartmented Information Facility, or “SCIF,” in U.S. military, security and intelligence parlance is an enclosed area within a building that is used to process classified information within formal access controlled systems (as established by the Director of National Intelligence). Stabilization Generally defined as properties that are at least 90% occupied. Straight-line rent Includes annual minimum base rents, net of abatements and lease incentives and excluding rent associated with tenant funded landlord assets, on a straight-line basis over the term of the lease, and estimated annual expense reimbursements (as of lease commencement for new or renewed leases or as of lease expiration for expiring leases). Total market capitalization Sum of: (1) consolidated outstanding debt, excluding discounts, premiums and deferred financing costs; (2) the product of the closing price of our common shares on the NYSE and the sum of (a) common shares outstanding and (b) common units outstanding; and (3) the liquidation value of preferred shares and preferred units in our operating partnership. Under development This term includes properties under, or contractually committed for, development. Vacant space leased Includes leasing of vacated second-generation space and vacant space leased in development properties and operating property acquisitions after two years from such properties’ shell completion or acquisition date.
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32 Reconciliations Reconciliations of net income to diluted FFO and diluted FFO as adjusted for comparability (in thousands) Year Ended December 31, Three months ended 2019 2020 2021 2022 2023 2024 2025 12/31/25 Net income (loss) $ 200,004 $ 102,878 $ 81,578 $ 178,822 $ (74,347) $ 143,942 $ 159,534 $ 39,396 Real estate-related depreciation and amortization 137,069 138,193 147,833 141,230 148,950 153,640 161,826 42,263 Impairment losses on real estate 329 1,530 — — 252,797 — — — Gain on sales of real estate (105,230) (30,209) (65,590) (47,814) (49,392) — (3,350) (32) Gain on sale of investment in unconsolidated real estate JV — (29,416) — — — — — — Depreciation and amortization on unconsolidated real estate JVs 2,703 3,329 1,981 2,101 3,217 3,056 2,950 744 FFO - per Nareit 234,875 186,305 165,802 274,339 281,225 300,638 320,960 82,371 Noncontrolling interests - preferred units in the Operating Partnership (564) (300) — — — — — — FFO allocable to other noncontrolling interests (5,024) (15,705) (5,483) (4,795) (3,978) (3,855) (5,566) (1,524) Basic FFO allocable to share-based compensation awards (905) (719) (777) (1,433) (1,940) (2,417) (2,171) (543) Basic FFO available to common share and common unit holders 228,382 169,581 159,542 268,111 275,307 294,366 313,223 80,304 Redeemable noncontrolling interests 132 147 (11) (34) (58) 1,963 — — Diluted FFO adjustments allocable to share-based compensation awards — — 32 109 150 188 387 54 Basic and Diluted FFO available to common share and common unit holders 228,514 169,728 159,563 268,186 275,399 296,517 313,610 80,358 Loss on early extinguishment of debt — 7,306 100,626 609 — — 66 66 (Gain) loss on early extinguishment of debt on unconsolidated real estate JVs — — — (168) — — 28 — Loss on interest rate derivatives — 53,196 — — — — — — Loss on interest rate derivatives included in interest expense — — 221 — — — — — Demolition costs on redevelopment and nonrecurring improvements 148 63 423 — — — — — Executive transition costs 4 — — 343 518 285 — — Non-comparable professional and legal expenses 681 — — — — — — — Dilutive preferred units in the Operating Partnership — 300 — — — — — — FFO allocation to other noncontrolling interests resulting from capital event — 11,090 — — — — — — Diluted FFO comparability adjustments allocable to share-based compensation awards (3) (327) (507) (5) (4) (2) — — Diluted FFO available to common share and common unit holders, as adjusted for comparability $ 229,344 $ 241,356 $ 260,326 $ 268,965 $ 275,913 296,800 313,704 $ 80,424 Reconciliations of denominators for per share measures (in thousands) Denominator for diluted EPS 111,623 112,076 112,418 112,620 112,178 112,899 113,304 113,583 Weighted average common units 1,299 1,236 1,257 1,454 1,509 1,672 2,083 1,926 Redeemable noncontrolling interests — 123 — — 38 842 — — Dilutive effect of additional share-based compensation awards — — — — 424 — — — Dilutive convertible preferred units — 171 — — — — — — Denominator for diluted FFO per share, as adjusted for comparability 112,922 113,606 113,675 114,074 114,149 115,413 115,387 115,509 Diluted FFO per share, as adjusted for comparability $ 2.03 $ 2.12 $ 2.29 $ 2.36 $ 2.42 $ 2.57 $ 2.72 $ 0.70
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33 Reconciliations (continued) Reconciliations of diluted EPS to diluted FFOPS per Nareit and as adjusted for comparability (in dollars per share) Actuals Guidance Year Ended December 31, 2025 Year Ending December 31, 2026 Low High Diluted EPS $ 1.34 $ 1.21 $ 1.29 Real estate-related depreciation and amortization 1.43 1.50 1.50 Gain on sales of real estate (0.03) — — Other FFO adjustments (0.02) — — Diluted FFOPS - Nareit and as adjusted for comparability $ 2.72 $ 2.71 $ 2.79
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34 Reconciliations (continued) Reconciliations of net income to Adjusted EBITDA, in-place adjusted EBITDA and pro forma in-place adjusted EBITDA (in thousands) Three Months Ended 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Net income $ 14,965 $ 52,087 $ 34,820 $ 36,467 $ 39,396 Interest expense 16,217 16,819 20,383 20,391 24,324 Income tax (benefit) expense 42 223 121 (24) 115 Depreciation and amortization 36,968 37,509 37,354 39,410 42,698 Gain on sales of real estate (25,879) (19,238) — — (32) Adjustments from unconsolidated real estate joint ventures 763 1,033 1,911 1,681 1,818 Loss on early extinguishment of debt 41,073 267 — — 66 Gain on early extinguishment of debt on unconsolidated real estate JVs — (168) — — — Net gain on other investments — (595) — — (26) Credit loss recoveries (88) (1,331) (1,288) (113) (644) Business development expenses 628 794 445 758 508 Demolition costs on redevelopment and nonrecurring improvements (8) — — — — Executive transition costs — 387 188 58 — Adjusted EBITDA 84,681 87,787 93,934 98,628 108,223 Pro forma net operating income adjustment for property changes within period — 2,704 1,341 528 1,969 Change in collectability of deferred rental revenue — — (198) 1,646 127 Other 1,578 — — — — In-place adjusted EBITDA 86,259 90,491 $ 95,077 $ 100,802 $ 110,319 Pro forma NOI adjustment from subsequent event transactions (3,074) (2,903) Pro forma in-place adjusted EBITDA $ 83,185 $ 87,588 Annualized in-place adjusted EBITDA $ 345,036 $ 361,964 $ 380,308 $ 403,208 $ 441,276 Annualized pro forma in-place adjusted EBITDA $ 332,740 $ 350,352 Reconciliations of debt per balance sheet to net debt, net debt adjusted for fully- leased investment properties and pro forma net debt (in thousands) As of 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Debt per balance sheet $ 2,272,304 $ 2,231,794 $ 2,416,287 $ 2,391,755 $ 2,767,834 Net discounts and deferred financing costs 25,982 23,160 28,713 23,262 23,466 COPT Defense's share of unconsolidated JV gross debt 26,250 52,100 52,613 53,750 75,250 Gross debt 2,324,536 2,307,054 2,497,613 2,468,767 2,866,550 Less: Cash and cash equivalents (13,262) (12,337) (167,820) (38,284) (274,986) Less: CDP's share of cash of unconsolidated real estate JVs (434) (456) (852) (2,053) (1,898) Net debt 2,310,840 2,294,261 2,328,941 2,428,430 2,589,666 Costs incurred on fully-leased development properties (162,884) (95,972) (53,914) (18,774) (8,226) Costs incurred on fully-leased operating property acquisitions — — — (17,034) — Net debt adjusted for fully-leased investment properties $ 2,147,956 $ 2,198,289 $ 2,275,027 $ 2,392,622 $ 2,581,440 Net debt $ 2,310,840 $ 2,294,261 Pro forma debt adjustments from subsequent event transaction proceeds (216,000) (189,000) Pro forma net debt 2,094,840 2,105,261 Costs incurred on fully-leased development properties (162,884) (95,972) Pro forma net debt adjusted for fully-leased investment properties $ 1,931,956 $ 2,009,289 Ratios Net debt to in-place adjusted EBITDA ratio 6.7x 6.3x 6.1x 6.0x 5.9x Pro forma net debt to in-place adjusted EBITDA ratio 6.3x 6.0x Net debt adjusted for fully-leased investment properties to in-place adj. EBITDA ratio 6.2x 6.1x 6.0x 5.9x 5.8x Pro forma net debt adjusted for fully-leased investment properties to in-place adj. EBITDA ratio 5.8x 5.7x