COPT Defense Properties is a self-managed real estate investment trust that owns and operates office buildings and data center properties located near U.S. Government defense installations and missions. The company's tenants are primarily federal defense agencies and their contractors engaged in national security activities such as intelligence, cybersecurity, missile defense, and weapons systems development, particularly concentrated in Northern Virginia, the Baltimore-Washington corridor, Huntsville, San Antonio, and other strategic defense hubs. The business generates revenue from long-term triple-net lease rentals on specialized, high-security facilities built to strict infrastructure and compliance standards, and benefits from tenant stickiness created by substantial switching costs, location advantages tied to defense spending, and the security-based nature of tenants' in-office work requirements.