ADDED
As of February 4, 2026, 113,207,660 of COPT Defense Properties common shares were outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 23 I tem 7A.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 40 I tem 9A.
Our property portfolio is predominantly comprised of office properties and single-tenant data center shells.
As of December 31, 2025, our Defense/IT Portfolio included: 201 operating properties totaling 23.2 million square feet.
We owned 24 of these properties totaling 4.3 million square feet through unconsolidated real estate joint ventures; fiveproperties under development that will total approximately 646,000 square feet upon completion; and approximately 1,000 acres of land controlled that we believe could be developed into approximately 10.6 million square feet.
We also owned sixother operating properties totaling 2.0 million square feet and approximately 50 acres of other developable land in the Greater Washington, DC/Baltimore region as of December 31, 2025.
In addition to owning real estate, CDPLP also owns subsidiaries that provide real estate services such as property management, development and construction services primarily for our properties but also for third parties, most of which are tenants.
The hub of our data center portfolio is in Northern Virginia, one of the largest data center markets in the world due in large part to its central location along the United States Eastern Seaboard, robust fiber connectivity infrastructure and access to reliable and affordable utilities required to support operations.
In 2025, we continued our annual participation in the Global Real Estate Sustainability Benchmark survey, which is widely recognized for measuring the environmental, social and governance performance of real estate companies and funds, and earned an overall score of Green Star on the survey, representing the highest quadrant of achievement, for the 11th consecutive year.
REMOVED
At February 5, 2025, 112,699,445 of COPT Defense Properties common shares were outstanding.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 23 ITEM 7A.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 39 ITEM 9A.
As of December 31, 2024, our Defense/IT Portfolio included: 195 operating properties totaling 22.4 million square feet comprised of 16.5 million square feet in 164 office properties and 5.9 million square feet in 31 single-tenant data center shells.
We owned 24 of these data center shells through unconsolidated real estate joint ventures; four properties under development (two office properties and two data center shells) that will total approximately 606,000 square feet upon completion; and approximately 1,020 acres of land controlled that we believe could be developed into approximately 11.0 million square feet.
We also owned eight other operating properties totaling 2.1 million square feet and approximately 50 acres of other developable land in the Greater Washington, DC/Baltimore region as of December 31, 2024.
In addition to owning real estate, CDPLP also owns subsidiaries that provide real estate services such as property management, development and construction services primarily for our properties but also for third parties.
Demand drivers for our Defense/IT Portfolio include: high-priority facilities and missions of USG organizations and agencies supporting defense and national security activities, such as intelligence, surveillance, reconnaissance, missile defense, cybersecurity, space exploration, research and development and advanced weapons systems testing and engineering, in Maryland, Northern Virginia, Washington, DC, Huntsville, Alabama and San Antonio, Texas; and data center shells developed in response to demand driven by advancements in cloud computing and Artificial Intelligence.
Our data center shells in operations or under development as of December 31, 2024 were located in Northern Virginia, one of the largest data center markets in the world due in large part to its central location along the United States Eastern Seaboard, robust fiber connectivity infrastructure and access to reliable and affordable utilities required to support operations.
We have participated in the annual Global Real Estate Sustainability Benchmark survey, which is widely recognized for measuring the environmental, social and governance ( ESG ) performance of real estate companies and funds, and earned an overall score of Green Star on the survey in each of the last 10 years, representing the highest quadrant of achievement.