CDP FINANCIAL STATEMENTS

COPT Defense Properties — balance sheet, income statement and cash flow trends

CDPCOPT Defense Properties

🇺🇸 USA · NYSE · Real Estate · REIT - Office

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue776.7 M $+3.9%

Gross Profit247.8 M $-6.5%

Operating Income234.2 M $+7.7%

EBITDA420.4 M $+8.9%

Net Income156.1 M $+10.7%

Peer Comparison· REIT - Office

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CDP	3.9%	31.9%	54.1%	20.1%
COL	2.7%	92.4%	103.9%	75.4%
DXS	—	—	—	—
MRL	8.0%	89.7%	96.1%	140.9%
AP-UN	-2.2%	51.6%	-208.6%	-233.3%
MHRGY	29.0%	95.3%	41.6%	103.1%
Industry median	1.0%	56.5%	53.9%	-0.5%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CDP	3.9%	31.9%	54.1%	20.1%
KRC	-1.4%	49.9%	70.3%	19.6%
SLG	53.2%	45.8%	35.3%	-15.3%
HIW	0.4%	67.4%	67.7%	11.4%
CUZ	12.1%	57.6%	53.9%	-0.5%
VNO	-0.3%	73.2%	90.7%	44.0%
Industry median	1.0%	56.5%	53.9%	-0.5%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity1.5 B $35%
Current Liabilities52.3 M $1%
Long-term Liabilities2.8 B $64%

Key Figures

YoY change

Total Assets4.5 B $+4.9%

Total Liabilities2.9 B $+6.6%

Total Equity1.5 B $+1.6%

Cash & ST Investments28.6 M $+17.7%

Total Debt2.6 B $+5.3%

Net Debt2.6 B $+5.2%

Peer Comparison· REIT - Office

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CDP	6.37	171.0%	6.10	34.0%
COL	—	—	—	—
DXS	0.45	47.3%	—	65.5%
MRL	2.07	59.4%	6.68	59.2%
AP-UN	1.41	94.8%	-3.38	48.5%
MHRGY	34.22	0.0%	-9.81	79.9%
Industry median	0.84	128.6%	6.60	40.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CDP	6.37	171.0%	6.10	34.0%
KRC	1.06	89.6%	5.75	48.9%
SLG	0.61	174.7%	17.69	31.8%
HIW	1.73	156.3%	6.62	35.9%
CUZ	0.55	84.7%	7.04	49.6%
VNO	2.08	139.8%	4.47	37.8%
Industry median	0.84	128.6%	6.60	40.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow359.3 M $+8.2%

Capital Expenditures53.9 M $-9.0%

Free Cash Flow305.4 M $+11.9%

Dividends Paid-137.9 M $-203.7%

Peer Comparison· REIT - Office

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CDP	46.3%	39.3%	6.9%	230.1%
COL	35.8%	35.2%	0.6%	47.5%
DXS	—	—	—	—
MRL	—	—	0.0%	—
AP-UN	41.6%	41.5%	0.1%	-17.8%
MHRGY	14.5%	13.3%	1.5%	14.1%
Industry median	38.3%	13.6%	21.6%	-15.2%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CDP	46.3%	39.3%	6.9%	230.1%
KRC	52.2%	-3.2%	69.1%	266.3%
SLG	27.4%	10.7%	74.4%	-179.5%
HIW	46.1%	38.7%	21.6%	403.9%
CUZ	39.5%	-12.2%	51.7%	-7,580.5%
VNO	69.4%	69.4%	85.2%	157.7%
Industry median	38.3%	13.6%	21.6%	-15.2%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.