COPT DEFENSE PROPERTIES Business Summary

COPT Defense Properties (NYSE: CDP) is a specialized Real Estate Investment Trust (REIT) that generates revenue primarily through long-term lease agreements with the U.S. Government (USG) and its defense contractors. The company’s business model is centered on providing mission-critical, high-security office environments and data center shells that support national security and high-end IT missions. Its operations are divided into two primary segments: the Defense/IT Portfolio, which accounts for over 90% of its annualized rental revenue, and a secondary "Other" segment. The Defense/IT segment is further categorized into strategic sub-segments such as the Fort Meade/BW Corridor, Redstone Arsenal, and Lackland Air Force Base. Within the competitive landscape, CDP occupies a unique niche as a pure-play defense infrastructure provider, distinguishing itself from diversified office REITs like BXP and SL Green Realty Corp. Its most direct competitors include Easterly Government Properties (DEA), which also targets government-tenanted assets, as well as regional office peers like Highwoods Properties (HIW) and Cousins Properties (CUZ). Originally founded in 1988 by Clay W. Hamlin III as Royale Investments, the company evolved into its current form following a 1997 merger with Jay H. Shidler’s Shidler Group. The current leadership team is led by President and CEO Stephen E. Budorick, who has steered the company since 2016 and previously held executive roles at Trizec Properties and Callahan Capital Partners. He is supported by Executive Vice President and CFO Anthony Mifsud, who oversees financial strategy and the IT department, and Executive Vice President and COO Britt A. Snider, who joined in late 2023 from Redbrick LMD to manage asset operations and development. The Board of Trustees, chaired by Robert L. Denton, Sr., includes notable members with deep federal pedigree, such as Letitia A. Long, the former Director of the National Geospatial-Intelligence Agency, and Essye B. Miller, the former Principal Deputy CIO for the Department of Defense, reinforcing the company's strategic alignment with its primary government client base.