Defense/IT portfolio now accounts for 90% of Annualized Rental Revenue
Since 2016, 100% of committed capital investments has been allocated to development at our Defense/IT Locations
Critical nature of our tenants' missions insulates our Defense/IT portfolio from WFH headwinds + corporate rightsizing
Durable demand characteristics, superior tenant credit, growing cash flows, and consistent development opportunities
Retained COPT (as a proper name), based on immense brand value with our U.S. Government and Defense customers
30-yeartrack record of development and operating excellence
associated with COPT
3
Results for 2Q 2023
Strong 2Q 2023 Results
FFO per share* of $0.60 exceeded high-end of guidance
Thirteen of past fourteen quarters that met or exceeded midpoint of guidance
Increase in same-property cash NOI of 5.8%
Same-propertycash NOI increased 7.0% in 1H23 driven in part by commencement of cash rent on large development leases
5
Core portfolio 95.0% leased and 93.6% occupied
Same-propertyportfolio 94.4% leased and 92.8% occupied
Solid leasing:
891,000 SF of total leasing
88,000 SF of vacancy leasing
187,000 SF executed in 1H23 (218,000 SF through mid-July)
803,000 SF of renewal leasing
Total retention rate of 89% - Defense/IT Locations retention rate of 93%
1H23 retention rate of 83%
* FFOPS, Nareit and as adjusted for comparability.
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COPT - Corporate Office Properties Trust published this content on 07 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 September 2023 02:51:01 UTC.
COPT Defense Properties is a fully integrated and self-managed real estate investment trust (REIT). It is focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key United States Government (USG) defense installations and missions (referred to as its Defense/IT Portfolio). Its tenants include the USG and their defense contractors, who are engaged in priority national security activities, and who require mission-critical and high security property enhancements. Its Defense/IT Portfolio segment consists of approximately 193 properties, including 24 owned through unconsolidated joint ventures, encompassed 22.0 million square feet. Its Defense/IT Portfolio sub-segments includes Fort George G. Meade and the Baltimore/Washington Corridor; Northern Virginia Defense/IT Locations; Lackland Air Force Base in San Antonio, Texas; locations serving the U.S. Navy; Redstone Arsenal in Huntsville, Alabama, and data center shells in Northern Virginia.
COPT DEFENSE PROPERTIES 
