EPS of $1.34 for Full Year
FFO per Share, as Adjusted for Comparability, of $2.72
Increased 5.8% Over 2024 Results
7(th) Consecutive Year of FFO per Share Growth
For the year, Same Property Cash NOI Increased 4.1%
Solid Occupancy and Leased Levels
Total Portfolio 94.0% Occupied and 95.3% Leased
Defense/IT Portfolio 95.5% Occupied and 96.5% Leased
Excellent Leasing Performance in 2025
Total Leasing of 3.1 million SF
Vacancy Leasing of 557,000 SF
Exceeded Initial Annual Target by Nearly 40%
Tenant Retention of 78%
Investment Leasing of 477,000 SF
Exceeded Capital Deployment Guidance in 2025
Committed $278 million of Capital to 5 New Investments that are 81% Pre-Leased
COLUMBIA, Md.--(BUSINESS WIRE)--February 05, 2026--
COPT Defense Properties ("COPT Defense" or the "Company") $(CDP)$ announced results for the fourth quarter and full year ended December 31, 2025.
Management Comments
Stephen E. Budorick, COPT Defense's President & Chief Executive Officer, commented, "We achieved excellent results in 2025, evidenced by our outperformance in FFO, leasing and capital commitments to new investments, along with our success in closing on three financings, which pre-fund our 2026 bond maturity and provide $400 million of additional liquidity to fund our external growth. We generated FFO per share growth, which represented a 5.8% increase over 2024's results.
We executed 557,000 square feet of vacancy leasing, which was nearly 40% higher than our initial target. Our leasing success resulted in a 40 basis point year-over-year increase in our Total Portfolio occupancy to 94.0% and a 20 basis point increase in our Total Portfolio leased rate to 95.3%.
We committed $278 million to 5 new investments during 2025, that are 81% pre-leased on a weighted average basis, which speaks to our ability to capitalize on opportunities that drive exceptional risk-adjusted returns and fit within our broader strategy of allocating capital to locations that support priority national defense missions. Importantly, 4 of these 5 capital commitments represent an existing tenant expanding in our portfolio.
We have generated FFO per share growth in each of the past 7 years, which amounts to a compound annual growth rate of 5.0% between 2019 and 2025. Looking forward, our guidance implies continued growth in 2026, with FFO per share growth of 1.1% at the midpoint, which is in-line with our historical performance after adjusting for an increase in financing costs."
Financial Highlights
4th Quarter Financial Results:
-- Diluted earnings per share ("EPS") was $0.33 for the quarter ended
December 31, 2025, compared to $0.31 for the quarter ended December 31,
2024.
-- Diluted funds from operations per share ("FFOPS"), as calculated in
accordance with Nareit's definition and as adjusted for comparability,
was $0.70 for the quarter ended December 31, 2025, compared to FFOPS per
Nareit of $0.64 and FFOPS, as adjusted for comparability of $0.65 for the
quarter ended December 31, 2024.
Full Year 2025 Financial Results:
-- EPS for the year ended December 31, 2025 was $1.34 as compared to $1.23
for 2024.
-- Per Nareit's definition and as adjusted for comparability, FFOPS for
2025 was $2.72 as compared to $2.57 for 2024.
Operating Performance Highlights
Operating Portfolio Summary:
-- At December 31, 2025, the Company's 25.1 million square foot total
portfolio was 94.0% occupied and 95.3% leased, which includes the 23.2
million square foot Defense/IT Portfolio that was 95.5% occupied and
96.5% leased.
-- During the quarter and year ended December 31, 2025, the Company placed
into service 418,000 and 468,000 square feet, respectively, of
developments that were 100% leased.
Same Property Performance:
-- At December 31, 2025, the Company's 23.9 million square foot Same
Property portfolio was 94.2% occupied and 95.3% leased.
-- The Company's Same Property cash NOI increased 2.6% and 4.1% in the
quarter and year ended December 31, 2025, respectively, compared to the
same periods in 2024.
Leasing:
-- Total Square Feet Leased: For the quarter ended December 31, 2025, the Company leased 735,000 square feet, including 336,000 square feet of renewals, 125,000 square feet of vacancy leasing, and 274,000 square feet of investment leasing. For the year ended December 31, 2025, the Company executed 3.1 million square feet of total leasing, including 2.0 million square feet of renewals, 557,000 square feet of vacancy leasing, and 477,000 square feet of investment leasing. -- Tenant Retention Rates: During the quarter ended December 31, 2025, the Company renewed 62.5% of expiring square feet in its total portfolio. During the year ended December 31, 2025, the Company renewed 77.9% of expiring square feet in its total portfolio. -- Rent Spreads and Average Escalations on Renewing Leases: For the quarter and year ended December 31, 2025, straight-line rents on renewals increased 3.4% and 9.6%, respectively, and cash rents on renewed space decreased 5.2% and increased 1.1%, respectively, while annual escalations on renewing leases averaged 2.5% and 2.0%, respectively. -- Lease Terms: In the quarter ended December 31, 2025, lease terms averaged 6.1 years on renewing leases, 6.9 years on vacancy leasing, and 14.5 years on investment leasing. For the year ended December 31, 2025, lease terms averaged 5.3 years on renewing leases, 7.6 years on vacancy leasing, and 13.1 years on investment leasing.
Investment Activity Highlights
-- Development Pipeline: The Company's development pipeline consists of
six properties totaling 882,000 square feet that were 86% leased as of
February 4, 2026. These projects represent a total estimated investment
of $448 million, of which $110 million was spent as of December 31,
2025.
-- Acquisition: On October 30, 2025, the Company acquired Stonegate I at
15050 Conference Center Drive in Chantilly, Virginia, a 142,000 square
foot Class A office building for a gross purchase price of $40 million.
The building is fully leased to a top 20 U.S. Government defense
contractor.
-- Please see the Company's acquisition press release dated October
30, 2025.
Balance Sheet and Capital Transaction Highlights
-- On October 2, 2025, the Company issued $400 million of 4.50% Senior
Notes due 2030. The Company intends to use the net proceeds to repay the
2.25% Senior Notes at maturity in March 2026. Until March, the proceeds
are being used for general corporate purposes, including paying down
amounts under its Revolving Credit Facility and investment in
interest-bearing accounts.
-- On October 6, 2025, the Company entered into an amendment to the credit
agreement underlying its Revolving Credit Facility (the "Revolver") and
Unsecured Bank Term Loan (the "Term Loan"). This amendment: increased the
aggregate lender commitment under the Revolver from $600 million to $800
million; extended the maturity date of the Revolver from October 2026 to
October 2029, which may be extended by two six-month periods at the
Company's option; reduced the initial interest rate on the Revolver to
SOFR + 0.85% and on the Term Loan to SOFR + 1.05%; and eliminated the
0.10% SOFR transition charge.
-- On October 16, 2025, the Company entered into a secured revolving
credit agreement with a lender for an aggregate of $200 million of
available borrowings, which the Company intends to use to fund property
development activities.
-- For the quarter ended December 31, 2025, the Company's adjusted EBITDA
fixed charge coverage ratio was 4.3x.
-- At December 31, 2025, the Company's net debt to in-place adjusted
EBITDA ratio was 5.9x and its net debt adjusted for fully-leased
investment properties to in-place adjusted EBITDA ratio was 5.8x.
-- At December 31, 2025, and including the effect of interest rate swaps,
the Company's weighted average effective interest rate on its
consolidated debt portfolio was 3.5% with a weighted average maturity of
4.1 years (assuming exercise of available extension options), and 100% of
the Company's debt was subject to fixed interest rates.
Associated Supplemental Presentation
Prior to the call, the Company will post a slide presentation to accompany management's prepared remarks for its fourth quarter and full year 2025 conference call; the presentation can be viewed and downloaded from the 'Financial Info -- Financial Results' section of COPT Defense's Investors website: https://investors.copt.com/financial-information/financial-results
2026 Guidance
The Company details its initial full year and first quarter guidance, with supporting assumptions, in a separate press release issued concurrently with this press release; that release can be found in the 'News & Events -- Press Releases' section of COPT Defense's Investors website: https://investors.copt.com/news-events/press-releases
Conference Call Information
Management will discuss fourth quarter and full year 2025 results on its conference call tomorrow, details of which are listed below:
Conference Call Date: Friday, February 6, 2026 Time: 12:00 p.m. Eastern Time
Participants must register for the conference call at the link below to receive the dial-in number and personal pin. Registering only takes a few moments and provides direct access to the conference call without waiting for an operator. You may register at any time, including up to and after the call start time: https://register-conf.media-server.com/register/BI9dcc3f52190b419eb2751ac67965679e
The conference call will also be available via live webcast in the 'News & Events -- IR Calendar' section of COPT Defense's Investors website: https://investors.copt.com/news-events/ir-calendar
Replay Information
A replay of the conference call will be immediately available via webcast only on COPT Defense's Investors website and will be maintained on the website for approximately 90 days after the conference call.
Definitions
For definitions of certain terms used in this press release, please refer to the information furnished in the Company's Supplemental Information Package furnished on a Form 8-K which can be found on its website (www.copt.com). Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in the attached tables.
About COPT Defense
COPT Defense, an S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government ("USG") defense installations and missions (referred to as its Defense/IT Portfolio). The Company's tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. As of December 31, 2025, the Company's Defense/IT Portfolio of 201 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.2 million square feet and was 96.5% leased.
Forward-Looking Information
This press release may contain "forward-looking" statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company's current expectations, estimates and projections about future events and financial trends affecting the Company. 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 the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, the Company 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 the Company undertakes 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.
Source: COPT Defense Properties
COPT Defense Properties
Summary Financial Data
(unaudited)
(dollars and shares in thousands, except per share data)
For the Three Months For the Years Ended
Ended December 31, December 31,
-------------------- ----------------------
2025 2024 2025 2024
Revenues
Lease revenue $185,002 $169,765 $714,180 $671,366
Other property
revenue 1,483 1,641 7,669 6,351
Construction
contract and
other service
revenues 10,872 12,027 42,074 75,550
------- ------- ------- -------
Total revenues 197,357 183,433 763,923 753,267
Operating expenses
Property
operating
expenses 74,616 66,964 283,927 266,001
Depreciation
and
amortization
associated
with real
estate
operations 42,263 38,821 161,826 153,640
Construction
contract and
other service
expenses 10,432 11,519 39,962 73,265
General and
administrative
expenses 7,943 8,429 32,776 33,555
Leasing
expenses 2,896 2,243 10,957 9,233
Business
development
expenses and
land carry
costs 904 1,171 4,107 4,250
------- ------- ------- -------
Total operating
expenses 139,054 129,147 533,555 539,944
Interest expense (24,324) (20,391) (86,660) (82,151)
Interest and other
income, net 5,301 2,331 10,683 12,661
Gain on sales of
real estate 32 -- 3,350 --
Loss on early
extinguishment of
debt (66) -- (66) --
------- ------- ------- -------
Income before
equity in income
of unconsolidated
entities and
income taxes 39,246 36,226 157,675 143,833
Equity in income
of unconsolidated
entities 265 217 2,806 397
Income tax
(expense)
benefit (115) 24 (947) (288)
------- ------- ------- -------
Net income 39,396 36,467 159,534 143,942
Net income
attributable to
noncontrolling
interests
Common units in
the Operating
Partnership
("OP") (743) (681) (3,239) (2,694)
Other
consolidated
entities (1,152) (665) (3,980) (2,319)
------- ------- ------- -------
Net income
attributable to
common
shareholders $ 37,501 $ 35,121 $152,315 $138,929
======= ======= ======= =======
Earnings per share
("EPS")
computation
Numerator for
diluted EPS
Net income
attributable
to common
shareholders $ 37,501 $ 35,121 $152,315 $138,929
Amount
allocable to
share-based
compensation
awards (113) (103) (435) (421)
------- ------- ------- -------
Numerator for
diluted EPS $ 37,388 $ 35,018 $151,880 $138,508
======= ======= ======= =======
Denominator
Weighted
average
common
shares -
basic 112,733 112,347 112,516 112,296
Dilutive
effect of
share-based
compensation
awards 850 711 788 603
Dilutive
exchangeable
debt -- 664 -- --
------- ------- ------- -------
Weighted
average
common
shares -
diluted 113,583 113,722 113,304 112,899
======= ======= ======= =======
Diluted EPS $ 0.33 $ 0.31 $ 1.34 $ 1.23
======= ======= ======= =======
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands, except per share data)
For the Three Months For the Years Ended
Ended December 31, December 31,
-------------------- ------------------------
2025 2024 2025 2024
Net income $ 39,396 $ 36,467 $ 159,534 $ 143,942
Real estate-related
depreciation and
amortization 42,263 38,821 161,826 153,640
Gain on sales of real
estate (32) -- (3,350) --
Depreciation and
amortization on
unconsolidated real
estate JVs 744 745 2,950 3,056
------- ------- -------- --------
Funds from operations
("FFO") 82,371 76,033 320,960 300,638
FFO allocable to other
noncontrolling
interests (1,524) (1,050) (5,566) (3,855)
Basic FFO allocable to
share-based
compensation awards (543) (614) (2,171) (2,417)
------- ------- -------- --------
Basic FFO available to
common share and common
unit holders ("Basic
FFO") 80,304 74,369 313,223 294,366
Redeemable
noncontrolling
interest -- -- -- 1,963
Diluted FFO adjustments
allocable to
share-based
compensation awards 54 47 387 188
------- ------- -------- --------
Diluted FFO available to
common share and common
unit holders ("Diluted
FFO") 80,358 74,416 313,610 296,517
Loss on early
extinguishment of debt 66 -- 66 --
Loss on early
extinguishment of debt
on unconsolidated real
estate JVs -- -- 28 --
Executive transition
costs -- 58 -- 285
Diluted FFO
comparability
adjustments allocable
to share-based
compensation awards -- (1) -- (2)
------- ------- -------- --------
Diluted FFO available to
common share and common
unit holders, as
adjusted for
comparability 80,424 74,473 313,704 296,800
Straight line rent
adjustments and lease
incentive amortization 3,634 2,950 5,152 10,824
Amortization of
intangibles and other
assets included in net
operating income
("NOI") (384) 211 (116) 755
Share-based
compensation, net of
amounts capitalized 2,954 2,617 11,693 10,443
Amortization of deferred
financing costs 817 671 2,798 2,708
Amortization of net debt
discounts, net of
amounts capitalized 1,282 1,041 4,463 4,110
Replacement capital
expenditures (31,290) (34,134) (103,655) (103,984)
Other (228) 73 280 566
------- ------- -------- --------
Diluted adjusted funds
from operations
available to common
share and common unit
holders ("Diluted
AFFO") $ 57,209 $ 47,902 $ 234,319 $ 222,222
======= ======= ======== ========
Diluted FFO per share $ 0.70 $ 0.64 $ 2.72 $ 2.57
======= ======= ======== ========
Diluted FFO per share,
as adjusted for
comparability $ 0.70 $ 0.65 $ 2.72 $ 2.57
======= ======= ======== ========
Dividends/distributions
per common share/unit $ 0.305 $ 0.295 $ 1.22 $ 1.18
COPT Defense Properties
Summary Financial Data
(unaudited)
(dollars and shares in thousands, except per share data)
December 31, December 31,
2025 2024
Balance sheet data
Properties, net of accumulated
depreciation $ 3,783,477 $ 3,630,526
Total assets $ 4,701,790 $ 4,254,191
Debt per balance sheet $ 2,767,834 $ 2,391,755
Total liabilities $ 3,114,115 $ 2,693,624
Redeemable noncontrolling interest $ 25,506 $ 23,974
Total equity $ 1,562,169 $ 1,536,593
Debt to assets 58.9% 56.2%
Net debt to adjusted book 40.5% 40.4%
Defense/IT Portfolio data (as of
period end)
Number of operating properties 201 197
Total operational square feet (in
thousands) 23,159 22,549
% Occupied 95.5% 95.4%
% Leased 96.5% 96.7%
For the Three Months Ended For the Years Ended
December 31, December 31,
-------------------------- -------------------------
2025 2024 2025 2024
GAAP
Payout ratio
Net income 89.3% 93.0% 88.3% 94.2%
Debt ratios
Net income to
interest
expense ratio 1.6x 1.8x 1.8x 1.8x
Debt to net
income ratio 17.6x 16.4x N/A N/A
Non-GAAP
Payout ratios
Diluted FFO 43.5% 45.2% 44.7% 45.4%
Diluted FFO,
as adjusted
for
comparability 43.5% 45.2% 44.6% 45.4%
Diluted AFFO 61.2% 70.3% 59.8% 60.6%
Debt ratios
Adjusted
EBITDA fixed
charge
coverage
ratio 4.3x 4.7x 4.6x 4.7x
Net debt to
in-place
adjusted
EBITDA ratio 5.9x 6.0x N/A N/A
Net debt adj.
for
fully-leased
investment
properties to
in-place adj.
EBITDA ratio 5.8x 5.9x N/A N/A
Reconciliation of denominators
for per share measures
Denominator for
diluted EPS 113,583 113,722 113,304 112,899
Weighted average
common units 1,926 1,664 2,083 1,672
Redeemable
noncontrolling
interest -- -- -- 842
------- --- -------- -------- -------
Denominator for
diluted FFO per
share and as
adjusted for
comparability 115,509 115,386 115,387 115,413
======= === ======== ======== =======
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months For the Years Ended
Ended December 31, December 31,
-------------------- ----------------------
2025 2024 2025 2024
Numerators for
payout ratios
Dividends on
unrestricted
common and
deferred
shares $ 34,414 $ 33,167 $137,388 $132,628
Distributions on
unrestricted
common units 573 491 2,558 1,987
Dividends and
distributions
on restricted
shares and
units 205 248 868 1,000
------- ------- ------- -------
Total dividends
and
distributions
for GAAP payout
ratio 35,192 33,906 140,814 135,615
Dividends and
distributions
on antidilutive
shares and
units (198) (250) (774) (1,006)
------- ------- ------- -------
Dividends and
distributions
for non-GAAP
payout ratios $ 34,994 $ 33,656 $140,040 $134,609
======= ======= ======= =======
Reconciliation
of net income to
earnings before
interest, income
taxes,
depreciation and
amortization for
real estate
("EBITDAre"),
adjusted EBITDA
and in-place
adjusted EBITDA
Net income $ 39,396 $ 36,467 $159,534 $143,942
Interest expense 24,324 20,391 86,660 82,151
Income tax
expense
(benefit) 115 (24) 947 288
Real
estate-related
depreciation
and
amortization 42,263 38,821 161,826 153,640
Other
depreciation
and
amortization 435 589 1,873 2,375
Gain on sales of
real estate (32) -- (3,350) --
Adjustments from
unconsolidated
real estate
JVs 1,818 1,681 6,609 6,820
------- ------- ------- -------
EBITDAre 108,319 97,925 414,099 389,216
Credit loss
(recoveries)
expense (644) (113) 734 383
Business
development
expenses 508 758 2,573 2,548
Executive
transition
costs -- 58 78 638
Loss on early
extinguishment
of debt 66 -- 66 --
Loss on early
extinguishment
of debt on
unconsolidated
real estate JVs -- -- 28 --
Net gain on
other
investments (26) -- (1,739) (488)
------- ------- ------- -------
Adjusted EBITDA 108,223 98,628 $415,839 $392,297
======= =======
Pro forma NOI
adjustment for
property
changes within
period 1,969 528
Change in
collectability
of deferred
rental revenue 127 1,646
------- -------
In-place
adjusted
EBITDA $110,319 $100,802
======= =======
Reconciliations
of tenant
improvements and
incentives,
building
improvements and
leasing costs
for operating
properties to
replacement
capital
expenditures
Tenant
improvements
and incentives $ 25,671 $ 22,912 $ 79,491 $ 69,505
Building
improvements 8,888 10,942 20,063 28,294
Leasing costs 5,008 2,629 15,638 12,342
Net exclusions
from tenant
improvements
and incentives (6,335) (7) (6,428) (3)
Excluded
building
improvements (1,942) (2,342) (4,145) (6,113)
Excluded leasing
costs -- -- (964) (41)
------- ------- ------- -------
Replacement
capital
expenditures $ 31,290 $ 34,134 $103,655 $103,984
======= ======= ======= =======
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months For the Years Ended
Ended December 31, December 31,
-------------------- ----------------------
2025 2024 2025 2024
Reconciliation of
interest expense
to the denominator
for fixed charge
coverage-Adjusted
EBITDA
Interest expense $ 24,324 $ 20,391 $ 86,660 $ 82,151
Less: Amortization
of deferred
financing costs (817) (671) (2,798) (2,708)
Less: Amortization
of net debt
discounts, net of
amounts
capitalized (1,282) (1,041) (4,463) (4,110)
COPT Defense's
share of interest
expense of
unconsolidated
real estate JVs,
excluding
amortization of
deferred
financing costs
and net debt
premium and gain
or loss on
interest rate
derivatives 968 872 3,377 3,305
Scheduled
principal
amortization 416 455 1,792 2,334
Capitalized
interest 1,714 928 5,059 2,872
------- ------- ------- -------
Denominator for
fixed charge
coverage-Adjusted
EBITDA $ 25,323 $ 20,934 $ 89,627 $ 83,844
======= ======= ======= =======
Reconciliation of
net income to NOI
from real estate
operations, same
property NOI from
real estate
operations and
same property cash
NOI from real
estate operations
Net income $ 39,396 $ 36,467 $159,534 $143,942
Construction
contract and
other service
revenues (10,872) (12,027) (42,074) (75,550)
Depreciation and
other
amortization
associated with
real estate
operations 42,263 38,821 161,826 153,640
Construction
contract and
other service
expenses 10,432 11,519 39,962 73,265
General and
administrative
expenses 7,943 8,429 32,776 33,555
Leasing expenses 2,896 2,243 10,957 9,233
Business
development
expenses and land
carry costs 904 1,171 4,107 4,250
Interest expense 24,324 20,391 86,660 82,151
Interest and other
income, net (5,301) (2,331) (10,683) (12,661)
Gain on sales of
real estate (32) -- (3,350) --
Loss on early
extinguishment of
debt 66 -- 66 --
Equity in income
of unconsolidated
entities (265) (217) (2,806) (397)
Unconsolidated
real estate JVs
NOI allocable to
COPT Defense
included in
equity in income
of unconsolidated
entities 2,083 1,898 7,706 7,217
Income tax expense
(benefit) 115 (24) 947 288
------- ------- ------- -------
NOI from real
estate
operations 113,952 106,340 445,628 418,933
Non-Same Property
NOI from real
estate
operations (6,795) (2,521) (17,660) (5,866)
------- ------- ------- -------
Same Property NOI
from real estate
operations 107,157 103,819 427,968 413,067
Straight line rent
adjustments and
lease incentive
amortization 3,701 5,065 7,161 8,662
Amortization of
acquired above-
and below-market
rents (504) (69) (734) (276)
Lease termination
fees, net (859) (864) (3,612) (3,451)
Tenant funded
landlord assets
and lease
incentives (4,798) (6,035) (17,752) (21,100)
Cash NOI
adjustments in
unconsolidated
real estate JVs (401) (287) (1,090) (1,083)
------- ------- ------- -------
Same Property Cash
NOI from real
estate
operations $104,296 $101,629 $411,941 $395,819
======= ======= ======= =======
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
December 31, December 31,
2025 2024
Reconciliation of total assets to
adjusted book
Total assets $ 4,701,790 $ 4,254,191
Accumulated depreciation 1,682,367 1,537,293
Accumulated amortization of
intangibles on property
acquisitions and deferred leasing
costs 228,656 228,154
COPT Defense's share of liabilities
of unconsolidated real estate JVs 82,039 61,294
COPT Defense's share of accumulated
depreciation and amortization of
unconsolidated real estate JVs 16,000 12,817
Less: Property - operating lease
liabilities (45,012) (49,240)
Less: Property - finance lease
liabilities (363) (391)
Less: Cash and cash equivalents (274,986) (38,284)
Less: COPT Defense's share of cash
of unconsolidated real estate JVs (1,898) (2,053)
---------- ----------
Adjusted book $ 6,388,593 $ 6,003,781
========== ==========
December 31, December 31,
2025 2024
Reconciliation of debt to net debt
and net debt adjusted for
fully-leased investment properties
Debt per balance sheet $ 2,767,834 $ 2,391,755
Net discounts and deferred financing
costs 23,466 23,262
COPT Defense's share of
unconsolidated JV gross debt 75,250 53,750
---------- ----------
Gross debt 2,866,550 2,468,767
Less: Cash and cash equivalents (274,986) (38,284)
Less: COPT Defense's share of cash
of unconsolidated real estate JVs (1,898) (2,053)
---------- ----------
Net debt 2,589,666 2,428,430
Costs incurred on fully-leased
development properties (8,226) (18,774)
Costs incurred on fully-leased
operating property acquisitions -- (17,034)
---------- ----------
Net debt adjusted for fully-leased
investment properties $ 2,581,440 $ 2,392,622
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View source version on businesswire.com: https://www.businesswire.com/news/home/20260205614011/en/
CONTACT: IR Contacts:
Venkat Kommineni, CFA
443.285.5587
venkat.kommineni@copt.com
Michelle Layne
443.285.5452
michelle.layne@copt.com
(END) Dow Jones Newswires
February 05, 2026 16:17 ET (21:17 GMT)