COPT Defense Properties 2024年度报告

Letter toShareholders Dear fellow shareholders, 2024 was another successful year, as we generated 6.2%FFO per share growth, which marks our 6th consecutiveyear of growth, and speaks to the strength of our Defense/IT investment strategy, concentrating our assets adjacentto priority U.S. defense installations. We produced strongoperating results, as evidenced by our record levels of SameProperty cash NOI growth, Same Property Occupancy,and Tenant Retention. We executed our first acquisitionssince 2015, purchasing 2 properties, where we generatedshareholder value through our disciplined underwriting andleasing achievements. 26% Total Shareholder Return `Outperformed S&P 500 by ~1%`Outperformed MSCI U.S. REIT Index by ~17%`Outperformed Nareit Office Sector Index by ~4.5% 2nd Consecutive Year of Dividend Increases `Announced a 3.6% dividend increase in February 2023`Announced a 3.5% dividend increase in February 2024`Subsequent to year-end, announced a 3.4% dividendincrease in February 2025 6.2% FFO per share Growth (See Figure 2)`Well above initial forecast of 3.7% growth Highest NOI Growth in over 10 years`Total Portfolio at 9.1% FIGURE 1:Historical Year-End Occupancy vs. Office REIT Sector Highest Same Property Occupancy Ratein over 10 years`Same Property Occupancy ended the year at 94.1% Highest Tenant Retention in over 20 years`Total Portfolio at 86%`Defense/IT Portfolio at 89% Strong Leased and Occupancy Rates, Exceededthe Office REIT Sector by over 7% (See Figure 1) `Total Portfolio occupancy at 93.6%, over 7% higher thanOffice REIT sector`Defense/IT Portfolio occupancy at 95.6%, over 9% higherthan Office REIT sector`Office REIT sector occupancy at 86.2%`Total Portfolio was 95.1% leased, while Defense/ITPortfolio was 96.8% leased UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549 FORM 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto Commission file number 1-14023 COPT DEFENSE PROPERTIES(Exact name of registrant as specified in its charter) 23-2947217(IRS EmployerIdentification No.) (State or other jurisdiction ofincorporation or organization) 21046(Zip Code) 6711 Columbia Gateway Drive, Suite 300, Columbia, MD Registrant’s telephone number, including area code:(443) 285-5400 Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Shares of beneficial interest, $0.01 par valueCDPNew York Stock Exchange Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.☒Yes☐No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.☐Yes☒No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for the past 90 days.☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) bythe registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate b