COPT Defense Properties (CDP) SEC Filings & Earnings Calls

Interest Rate Risk

“Interest expense increased in the current period due primarily to a higher interest rate on $400.0 million of our unsecured senior notes due to the refinancing of our 2.25% Notes that matured on March 16, 2026 with our 4.50% Senior Notes due 2030.” · word for word

Government Budget Risk

“potential impact of prolonged government shutdowns or budgetary reductions or impasses, such as a reduction of rental revenues, non-renewal of leases, and/or reduced or delayed demand for additional space by existing or new tenants.” · word for word

No material risks identified in excerpt.

“Standard forward-looking statement boilerplate only.”

Other portfolio weakness

“Other Same Property NOI -14.3% YoY; Other occupancy 79.7% (up from 76.6% QoQ but still low)”

Interest expense increase

“Interest expense increased in the current period due primarily to increased debt outstanding resulting from our issuance in October 2025 of $400.0 million of 4.50% Senior Notes” · word for word

Government budget risk

“potential impact of prolonged government shutdowns or budgetary reductions or impasses, such as a reduction of rental revenues, non-renewal of leases” · word for word

Concentration in defense/IT tenants; dependency on USG spending.

“Tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities.” · word for word

Dependence on U.S. Government Defense Budget

“outlook for the 2026 fiscal year’s U.S. Department of Defense budget and implications for tenant demand” · word for word

Cybersecurity Risk

“Management, including those from our information technology function, reports to the Audit Committee with respect to management’s assessment of our cybersecurity and information security risks and actions taken by us to manage and/or mitigate such risks.” · word for word

Government Shutdown Impact

“For the 43-day long federal government shutdown in 2025, the most significant effect on us was that it delayed our ability to progress, or finalize, certain of our Defense/IT Portfolio segment’s renewal leasing activities.” · word for word

Concentration in USG Leases

“USG accounted for 35.4% of ARR as of December 31, 2025.”

Other Segment Vacancy

“Other segment occupancy 76.6% at year end 2025, with 31% of total portfolio vacant space.”

Concentration in defense/IT tenants; government budget risk.

“Tenants include USG and defense contractors; 96.5% leased but dependent on government spending.”

Government budget dependency

“potential impact of prolonged government shutdowns or budgetary reductions or impasses, such as a reduction of rental revenues, non-renewal of leases and/or reduced or delayed demand for additional space by existing or new tenants.” · word for word

Interest rate sensitivity

“general economic and business conditions, which will, among other things, affect office property and data center demand and rents, tenant creditworthiness, interest rates, financing availability.” · word for word

Dependence on U.S. government defense spending and installations.

“properties in locations proximate to, or sometimes containing, key U.S. Government defense installations and missions” · word for word