COPT Defense Properties is a REIT that owns, operates, and develops office and data center properties adjacent to U.S. defense installations. Its tenants are the U.S. government and defense contractors, who use the space for national security missions including cybersecurity, missile defense, intelligence, and naval and aviation technology development. COPT Defense leases these properties under long-term agreements with embedded rent escalators. The Defense/IT Portfolio represents roughly 90% of annualized rental revenue, with the remainder coming from conventional office properties in the DC/Baltimore region that COPT intends to divest. Key sub-markets include Fort Meade (home of the NSA and U.S. Cyber Command), Redstone Gateway adjacent to Redstone Arsenal in Huntsville, Northern Virginia, and several Navy-focused locations. What differentiates COPT from typical office landlords is the physical and operational lock-in of its tenants: properties must be near specific defense installations, and many contain Sensitive Compartmented Information Facilities (SCIFs) — expensive, secure rooms that tenants co-invest in and cannot relocate. This drives unusually high tenant retention. COPT grows primarily by developing new properties on land it already controls near its key installations, typically as build-to-suit or pre-leased inventory buildings, funded without equity issuance through retained operating cash flow. Near-term growth catalysts include the Golden Dome missile defense initiative centered at Redstone Arsenal and the relocation of Space Command headquarters to Huntsville, both of which are expected to drive incremental demand at COPT's Redstone Gateway campus.