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Organization<div> </div><div style="text-indent:18pt">COPT Defense Properties (“COPT Defense”) and subsidiaries (collectively, the “Company,” “we,” or “us”) is a fully-integrated and self-managed real estate investment trust (“REIT”) focused on owning, operating, and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions (which we refer to herein as our Defense/IT Portfolio). Our tenants include the USG and its defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. Our property portfolio is predominantly comprised of office properties and single-tenant data center shells. As of June 30, 2026, our Defense/IT Portfolio included:</div><div style="text-indent:18pt"> </div><div style="padding-left:18pt;text-indent:-18pt">•202 operating properties totaling 23.3 million square feet. We owned 24 of these properties totaling 4.3 million square feet through unconsolidated real estate joint ventures;</div><div style="padding-left:18pt;text-indent:-18pt">•six properties under development that will total approximately 885,000 square feet upon completion; and</div><div style="padding-left:18pt;text-indent:-18pt">•approximately 950 acres of land controlled that we believe could be developed into approximately 10.2 million square feet.</div><div> </div><div>We also owned six other operating properties totaling 2.0 million square feet and approximately 10 acres of other developable land in the Greater Washington, DC/Baltimore region as of June 30, 2026.</div><div> </div><div style="text-indent:18pt">We conduct almost all of our operations and own almost all of our assets through our operating partnership, COPT Defense Properties, L.P. (“CDPLP”) and subsidiaries (collectively, the “Operating Partnership”), of which COPT Defense is the sole general partner. CDPLP owns real estate directly and through subsidiary partnerships and limited liability companies (“LLCs”). In addition to owning real estate, CDPLP also owns subsidiaries that provide real estate services such as property management, development, and construction services primarily for our properties but also for third parties, most of which are tenants. Some of these services are performed by a taxable REIT subsidiary (“TRS”). </div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">Equity interests in CDPLP are in the form of common and preferred units. As of June 30, 2026, COPT Defense owned 97.1% of the outstanding CDPLP common units (“common units”) and there were no preferred units outstanding. Common units not owned by COPT Defense carry certain redemption rights. The number of common units owned by COPT Defense is equivalent to the number of outstanding common shares of beneficial interest (“common shares”) of COPT Defense, and the entitlement of common units to quarterly distributions and payments in liquidation is substantially the same as that of COPT Defense common shareholders.</div>COPT Defense’s common shares are publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “CDP”.

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Summary of Significant Accounting Policies<div> </div><div>Basis of Presentation</div><div> </div><div style="text-indent:18pt">These consolidated financial statements include the accounts of COPT Defense, the Operating Partnership, their subsidiaries and other entities in which COPT Defense has a majority voting interest and control. We also consolidate certain entities when control of such entities can be achieved through means other than voting rights (“variable interest entities” or “VIEs”) if we are deemed to be the primary beneficiary of such entities. We eliminate all intercompany balances and transactions in consolidation.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">We use the equity method of accounting when we own an interest in an entity and can exert significant influence over but cannot control the entity’s operations. We discontinue equity method accounting if our investment in an entity (and net advances) is reduced to zero unless we have guaranteed obligations of the entity or are otherwise committed to provide further financial support for the entity.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">When we own an equity investment in an entity and cannot exert significant influence over its operations, we measure the investment at fair value, with changes recognized through net income. For an investment without a readily determinable fair value, we measure the investment at cost, less any impairments, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">These interim financial statements should be read together with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2025 included in our 2025 Annual Report on Form 10-K. The unaudited consolidated financial statements include all adjustments that are necessary, in the opinion of management, to fairly state our financial position and results of operations. All adjustments are of a normal recurring nature. The consolidated financial statements have been prepared using the accounting policies described in our 2025 Annual Report on Form 10-K.</div><div>Reclassifications</div><div> </div><div style="text-indent:18pt">We reclassified certain amounts from prior periods to conform to the current period presentation of our consolidated financial statements with no effect on previously reported net income or equity.</div><div> </div><div>Consolidated Statements of Cash Flows</div><div> </div><div style="text-indent:18pt">Effective June 30, 2026, we retrospectively changed the presentation of our consolidated statements of cash flows from the direct method to the indirect method to align with the presentation commonly used by the real estate industry.</div><div>Recent Accounting Pronouncements</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">In November 2024, the Financial Accounting Standards Board (“FASB”) issued guidance requiring disaggregated disclosure of specified information about certain expense categories included in expense line items on the consolidated statements of operations in the notes to the financial statements. This guidance is effective for us for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. We expect to apply this guidance prospectively to financial statements issued for reporting periods after the effective date. We are currently assessing the application of this guidance on our future consolidated financial statements.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">In November 2025, the FASB amended existing hedge accounting guidance under generally accepted accounting principles in the United States of America (“GAAP”) to more closely align with the economics of an entity’s risk management activities by increasingly enabling entities to achieve and maintain hedge accounting for highly-effective economic hedges of forecasted transactions. This guidance is effective for us for interim and annual periods beginning after December 15, 2026. Early adoption is permitted. We expect to apply this guidance prospectively to financial statements issued for reporting periods after our adoption of the guidance. We are currently assessing the application of this guidance on our future consolidated financial statements.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">Effective January 1, 2026, we adopted guidance issued by the FASB that provides a practical expedient for use in estimating expected credit losses on non-lease revenue related accounts receivable and contract assets. The practical expedient permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. This guidance was applied prospectively and did not affect our consolidated financial statements.</div>

<div>Basis of Presentation</div><div> </div><div style="text-indent:18pt">These consolidated financial statements include the accounts of COPT Defense, the Operating Partnership, their subsidiaries and other entities in which COPT Defense has a majority voting interest and control. We also consolidate certain entities when control of such entities can be achieved through means other than voting rights (“variable interest entities” or “VIEs”) if we are deemed to be the primary beneficiary of such entities. We eliminate all intercompany balances and transactions in consolidation.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">We use the equity method of accounting when we own an interest in an entity and can exert significant influence over but cannot control the entity’s operations. We discontinue equity method accounting if our investment in an entity (and net advances) is reduced to zero unless we have guaranteed obligations of the entity or are otherwise committed to provide further financial support for the entity.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">When we own an equity investment in an entity and cannot exert significant influence over its operations, we measure the investment at fair value, with changes recognized through net income. For an investment without a readily determinable fair value, we measure the investment at cost, less any impairments, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">These interim financial statements should be read together with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2025 included in our 2025 Annual Report on Form 10-K. The unaudited consolidated financial statements include all adjustments that are necessary, in the opinion of management, to fairly state our financial position and results of operations. All adjustments are of a normal recurring nature. The consolidated financial statements have been prepared using the accounting policies described in our 2025 Annual Report on Form 10-K.</div>

<div>Reclassifications</div><div> </div><div style="text-indent:18pt">We reclassified certain amounts from prior periods to conform to the current period presentation of our consolidated financial statements with no effect on previously reported net income or equity.</div>

<div>Consolidated Statements of Cash Flows</div><div> </div><div style="text-indent:18pt">Effective June 30, 2026, we retrospectively changed the presentation of our consolidated statements of cash flows from the direct method to the indirect method to align with the presentation commonly used by the real estate industry.</div>

<div>Recent Accounting Pronouncements</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">In November 2024, the Financial Accounting Standards Board (“FASB”) issued guidance requiring disaggregated disclosure of specified information about certain expense categories included in expense line items on the consolidated statements of operations in the notes to the financial statements. This guidance is effective for us for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. We expect to apply this guidance prospectively to financial statements issued for reporting periods after the effective date. We are currently assessing the application of this guidance on our future consolidated financial statements.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">In November 2025, the FASB amended existing hedge accounting guidance under generally accepted accounting principles in the United States of America (“GAAP”) to more closely align with the economics of an entity’s risk management activities by increasingly enabling entities to achieve and maintain hedge accounting for highly-effective economic hedges of forecasted transactions. This guidance is effective for us for interim and annual periods beginning after December 15, 2026. Early adoption is permitted. We expect to apply this guidance prospectively to financial statements issued for reporting periods after our adoption of the guidance. We are currently assessing the application of this guidance on our future consolidated financial statements.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">Effective January 1, 2026, we adopted guidance issued by the FASB that provides a practical expedient for use in estimating expected credit losses on non-lease revenue related accounts receivable and contract assets. The practical expedient permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. This guidance was applied prospectively and did not affect our consolidated financial statements.</div>

Fair Value Measurements<div>Recurring Fair Value Measurements</div><div> </div><div style="text-indent:18pt">The fair values of our interest rate derivatives, as disclosed in Note 9, are determined using widely accepted valuation techniques, including a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While we determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our interest rate derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default. However, as of June 30, 2026, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivatives and determined that these adjustments were not significant. As a result, we determined that our interest rate derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">The carrying values of cash and cash equivalents, restricted cash, accounts receivable, other assets (excluding investing receivables), and accounts payable and accrued expenses are reasonable estimates of their fair values because of the short maturities of these instruments. For our disclosure of investments in sales-type leases fair values in Note 5, we estimated the fair value predominantly based on the acquisition price of our most recent investment on April 23, 2026 (see Note 5) (categorized within Level 3 of the fair value hierarchy). The fair values of our investing receivables, as disclosed in Note 7, were based on the discounted estimated future cash flows of the loans (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans with similar maturities and credit quality, and the estimated cash payments include scheduled principal and interest payments. For our disclosure of debt fair values in Note 8, we estimated the fair value of our unsecured senior notes based on quoted market rates for our senior notes (categorized within Level 1 of the fair value hierarchy) and estimated the fair value of our other debt based on the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans, or groups of loans, with similar maturities and credit quality, and the estimated future payments include scheduled principal and interest payments. Fair value estimates are made as of a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. </div><div style="text-indent:18pt">The table below presents our financial assets and liabilities accounted for at fair value on a recurring basis as of June 30, 2026 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:44.727%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.541%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.541%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.759%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.004%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Description</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Quoted Prices in Active Markets for Identical Assets (Level 1)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Significant Other Observable Inputs (Level 2)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Significant Unobservable Inputs (Level 3)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets (1)</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Interest rate derivatives </td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">17 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">17 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt">(1)Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.</div>

<div style="text-indent:18pt">The table below presents our financial assets and liabilities accounted for at fair value on a recurring basis as of June 30, 2026 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:44.727%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.541%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.541%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.759%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.004%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Description</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Quoted Prices in Active Markets for Identical Assets (Level 1)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Significant Other Observable Inputs (Level 2)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Significant Unobservable Inputs (Level 3)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets (1)</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Interest rate derivatives </td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">17 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">17 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt">(1)Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.</div>

17000

Properties, Net<div> </div><div style="text-indent:18pt">Operating properties, net consisted of the following (in thousands): </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.672%"><tr><td style="width:1.0%"></td><td style="width:63.917%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.964%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.653%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.966%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Land</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">519,256 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">519,256 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Buildings and improvements</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,761,481 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,663,198 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Less: Accumulated depreciation</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,759,411)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,682,367)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Operating properties, net</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,521,326 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,500,087 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div style="text-indent:18pt">We had land in Hanover, Maryland previously included in total properties, net on our consolidated balance sheet that was classified as assets held for sale as of June 30, 2026.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">On April 23, 2026, we acquired approximately 17 acres of land for a purchase price of $43.0 million, subject to a ground lease underlying two fully-leased operating properties located at 15020 and 15030 Conference Center Drive in Chantilly, Virginia (included in the NoVA Defense/IT sub-segment of our Defense/IT Portfolio reportable segment). We recorded this transaction as an investment in a sales-type lease (see Note 5). </div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">On May 1, 2026, we sold non-operating properties in Aberdeen, Maryland for $8.5 million and recognized a gain on sale of $6.4 million.</div>

<div style="text-indent:18pt">Operating properties, net consisted of the following (in thousands): </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.672%"><tr><td style="width:1.0%"></td><td style="width:63.917%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.964%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.653%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.966%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Land</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">519,256 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">519,256 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Buildings and improvements</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,761,481 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,663,198 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Less: Accumulated depreciation</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,759,411)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,682,367)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Operating properties, net</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,521,326 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,500,087 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

519256000

4761481000

4663198000

1759411000

1682367000

3521326000

3500087000

43000000.0 2

8500000

6400000

Leases<div>Lessor Arrangements</div><div> </div><div style="text-indent:18pt">We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is primarily comprised of: fixed-lease revenue from operating leases, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue, and other revenue from tenants that is not fixed under leases. </div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">As discussed in Note 4, in connection with our acquisition of land subject to a ground lease on April 23, 2026, we recorded an investment in a sales-type lease of $43.2 million. Our consolidated balance sheets included net investments in sales-type leases totaling $48.3 million as of June 30, 2026 and $3.8 million as of December 31, 2025, which approximated the estimated fair value of these investments. </div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">The table below presents our composition of lease revenue recognized (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.116%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.872%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Lease Revenue </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Fixed-lease revenue from operating leases</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">143,807 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">136,256 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">286,196 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">267,867 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Variable-lease revenue</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">44,322 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39,264 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">94,826 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">82,881 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Sales-type lease interest income</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">677 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">78 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">755 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">158 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">188,806 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">175,598 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">381,777 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">350,906 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div>Lessee Arrangements</div><div> </div><div style="text-indent:18pt">As of June 30, 2026, our consolidated balance sheet included $53.4 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating with various expiration dates. Our property right-of-use assets and property lease liabilities on our consolidated balance sheets consisted of the following (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.374%"><tr><td style="width:1.0%"></td><td style="width:24.980%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.600%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:38.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.600%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.600%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Leases</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Balance Sheet Location</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Right-of-use assets</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Operating leases - Property</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Property - operating lease right-of-use assets</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">47,405 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">50,383 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Finance leases - Property</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Prepaid expenses and other assets, net</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,041 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,373 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total right-of-use assets</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">53,446 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">55,756 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Lease liabilities</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Operating leases - Property</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Property - operating lease liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">42,485 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">45,012 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Finance leases - Property</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other liabilities</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,070 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">363 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total lease liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">43,555 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">45,375 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div style="text-indent:18pt">As of June 30, 2026, our operating leases had a weighted average remaining lease term of 43 years and a weighted average discount rate of 7.4%, while our finance leases had a weighted average remaining lease term of five years and a weighted average discount rate of 7.9%. The table below presents our total property lease cost (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.953%"><tr><td style="width:1.0%"></td><td style="width:35.765%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.929%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.556%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.556%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.556%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.308%"></td><td style="width:0.1%"></td></tr><tr style="height:20pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Statement of Operations Location</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr style="height:11pt"><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Lease Cost</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Operating lease cost</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Property leases - fixed</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Property operating expenses</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,276 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,271 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,552 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,537 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Property leases - variable</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Property operating expenses</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">27 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">27 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">54 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">54 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Finance lease cost</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16.75pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Amortization of property right-of-use assets</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Property operating expenses</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">29 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">18 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">57 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">37 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Interest on lease liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Interest expense</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">18 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,340 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,325 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,679 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,646 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div>The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:84.064%"><tr><td style="width:1.0%"></td><td style="width:65.508%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.669%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.726%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.669%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.728%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Supplemental Cash Flow Information</td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cash paid for amounts included in the measurement of lease liabilities</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 16.75pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Operating cash flows for operating leases</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,101 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,917 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16.75pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Operating cash flows for finance leases</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">18 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 16.75pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Financing cash flows for finance leases</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">14 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div> </div><div>Payments on property leases were due as follows (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:86.695%"><tr><td style="width:1.0%"></td><td style="width:63.486%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.643%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.763%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.643%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.765%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">June 30, 2026</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Year Ending December 31,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Operating Leases</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Finance Leases</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>2026 (1)</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,118 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">305 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,418 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">214 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,838 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">216 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,094 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">218 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,129 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">171 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">151,870 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">153 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total lease payments</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">171,467 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,277 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Less: Amount representing interest</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(128,982)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(207)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Lease liability</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">42,485 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,070 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt">(1)Represents the six months ending December 31, 2026.</div>

43200000

48300000

3800000

143807000

136256000

286196000

267867000

44322000

39264000

94826000

82881000

677000

78000

755000

158000

188806000

175598000

381777000

350906000

53400000 Our property right-of-use assets and property lease liabilities on our consolidated balance sheets consisted of the following (in thousands):<div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.374%"><tr><td style="width:1.0%"></td><td style="width:24.980%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.600%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:38.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.600%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.600%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Leases</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Balance Sheet Location</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Right-of-use assets</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Operating leases - Property</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Property - operating lease right-of-use assets</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">47,405 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">50,383 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Finance leases - Property</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Prepaid expenses and other assets, net</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,041 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,373 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total right-of-use assets</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">53,446 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">55,756 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Lease liabilities</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Operating leases - Property</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Property - operating lease liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">42,485 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">45,012 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Finance leases - Property</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other liabilities</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,070 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">363 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total lease liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">43,555 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">45,375 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

47405000

50383000

6041000

5373000

53446000 55756000

42485000

45012000

1070000

363000

43555000 45375000

P43Y

0.074

P5Y

0.079

The table below presents our total property lease cost (in thousands):<div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.953%"><tr><td style="width:1.0%"></td><td style="width:35.765%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.929%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.556%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.556%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.556%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.308%"></td><td style="width:0.1%"></td></tr><tr style="height:20pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Statement of Operations Location</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr style="height:11pt"><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Lease Cost</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Operating lease cost</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Property leases - fixed</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Property operating expenses</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,276 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,271 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,552 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,537 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Property leases - variable</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Property operating expenses</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">27 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">27 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">54 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">54 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Finance lease cost</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16.75pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Amortization of property right-of-use assets</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Property operating expenses</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">29 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">18 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">57 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">37 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Interest on lease liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Interest expense</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">18 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,340 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,325 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,679 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,646 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div>The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:84.064%"><tr><td style="width:1.0%"></td><td style="width:65.508%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.669%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.726%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.669%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.728%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Supplemental Cash Flow Information</td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cash paid for amounts included in the measurement of lease liabilities</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 16.75pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Operating cash flows for operating leases</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,101 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,917 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16.75pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Operating cash flows for finance leases</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">18 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 16.75pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Financing cash flows for finance leases</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">14 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

2276000

2271000

4552000

4537000

27000

54000

29000

18000

57000

37000

8000

9000

16000

18000

2340000

2325000

4679000

4646000

4101000

3917000

16000

18000

16000

14000

<div>Payments on property leases were due as follows (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:86.695%"><tr><td style="width:1.0%"></td><td style="width:63.486%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.643%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.763%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.643%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.765%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">June 30, 2026</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Year Ending December 31,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Operating Leases</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Finance Leases</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>2026 (1)</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,118 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">305 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,418 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">214 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,838 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">216 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,094 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">218 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,129 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">171 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">151,870 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">153 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total lease payments</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">171,467 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,277 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Less: Amount representing interest</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(128,982)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(207)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Lease liability</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">42,485 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,070 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt">(1)Represents the six months ending December 31, 2026.</div>

4118000

305000

8418000

214000

2838000

216000

2094000

218000

2129000

171000

151870000 153000

171467000

1277000

128982000

207000

42485000

1070000

Real Estate Joint Ventures<div>Consolidated Real Estate Joint Ventures</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">The table below presents information pertaining to our investments in consolidated real estate joint ventures, which are each variable interest entities (dollars in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:24.923%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.666%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.949%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Nominal Ownership %</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">June 30, 2026</div></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Date Formed</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Assets</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Encumbered Assets</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Liabilities</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Mortgage Debt</td></tr><tr style="height:12pt"><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Entity</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Location</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-10.44pt;vertical-align:bottom">LW Redstone Company, LLC (1)</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">3/23/2010</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">85%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Huntsville, AL</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">803,155 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">68,904 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">69,579 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;text-indent:-1.44pt;vertical-align:bottom">Stevens Investors, LLC </td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">8/11/2015</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">95%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Washington, DC</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">143,450 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,049 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;text-indent:-1.44pt;vertical-align:bottom">M Square Associates, LLC</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">6/26/2007</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">50%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">College Park, MD</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">108,155 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,466 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14,552 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,035 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,054,760 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">84,370 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">86,180 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,035 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt">(1)We fund all capital requirements. Our partner receives distributions of $1.2 million of annual operating cash flows, plus certain fees for leasing and development, and we receive the remainder.</div><div> </div><div style="padding-left:13.5pt;text-indent:-13.5pt">Unconsolidated Real Estate Joint Ventures</div><div> </div><div style="text-indent:18pt">The table below presents information pertaining to our investments in unconsolidated real estate joint ventures accounted for using the equity method of accounting (dollars in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.228%"><tr><td style="width:1.0%"></td><td style="width:27.906%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.438%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.560%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.637%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.925%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.929%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Date Formed</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Nominal Ownership %</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Number of Properties</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value of Investment (1)</td></tr><tr style="height:20pt"><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Entity</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Redshift JV LLC</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">1/10/2023</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">10%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">20,131 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">20,767 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">BREIT COPT DC JV LLC</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">6/20/2019</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">10%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,745 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,941 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Quark JV LLC</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">12/14/2022</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">10%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,645 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,660 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">B RE COPT DC JV III LLC</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">6/2/2021</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">10%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(810)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(600)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">B RE COPT DC JV II LLC (2)</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">10/30/2020</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">10%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(23,487)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(22,243)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">11,224 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">13,525 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt">(1)Included $35.5 million and $36.4 million reported in “investments in unconsolidated real estate joint ventures” and $24.3 million and $22.8 million for investments with deficit balances reported in “other liabilities” on our consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively. Investments with deficit balances are attributable to JV distributions of nonrecourse debt refinancing proceeds in excess of our equity in B RE COPT DC JV III LLC and B RE COPT DC JV II LLC; we are obligated to fund our share of future cash flow requirements, if any, of these joint ventures.</div>(2)Our investment in B RE COPT DC JV II LLC was lower than our share of the joint venture’s equity by $6.4 million as of June 30, 2026 and $6.5 million as of December 31, 2025 due to a difference between our cost basis and our share of the joint venture’s underlying equity in its net assets. We recognize adjustments to our share of the joint venture’s earnings and losses resulting from this basis difference in the underlying assets of the joint venture. <div style="text-indent:18pt">The table below presents information pertaining to our investments in consolidated real estate joint ventures, which are each variable interest entities (dollars in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:24.923%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.666%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.949%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Nominal Ownership %</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">June 30, 2026</div></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Date Formed</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Assets</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Encumbered Assets</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Liabilities</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Mortgage Debt</td></tr><tr style="height:12pt"><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Entity</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Location</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-10.44pt;vertical-align:bottom">LW Redstone Company, LLC (1)</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">3/23/2010</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">85%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Huntsville, AL</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">803,155 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">68,904 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">69,579 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;text-indent:-1.44pt;vertical-align:bottom">Stevens Investors, LLC </td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">8/11/2015</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">95%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Washington, DC</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">143,450 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,049 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;text-indent:-1.44pt;vertical-align:bottom">M Square Associates, LLC</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">6/26/2007</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">50%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">College Park, MD</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">108,155 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,466 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14,552 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,035 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,054,760 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">84,370 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">86,180 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,035 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt">(1)We fund all capital requirements. Our partner receives distributions of $1.2 million of annual operating cash flows, plus certain fees for leasing and development, and we receive the remainder.</div>

0.85

803155000

68904000

69579000

0.95

143450000

2049000

0.50

108155000

15466000

14552000

10035000

1054760000

84370000

86180000

10035000

1200000

<div style="text-indent:18pt">The table below presents information pertaining to our investments in unconsolidated real estate joint ventures accounted for using the equity method of accounting (dollars in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.228%"><tr><td style="width:1.0%"></td><td style="width:27.906%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.438%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.560%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.637%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.925%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.929%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Date Formed</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Nominal Ownership %</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Number of Properties</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value of Investment (1)</td></tr><tr style="height:20pt"><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Entity</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Redshift JV LLC</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">1/10/2023</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">10%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">20,131 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">20,767 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">BREIT COPT DC JV LLC</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">6/20/2019</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">10%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,745 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,941 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Quark JV LLC</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">12/14/2022</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">10%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,645 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,660 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">B RE COPT DC JV III LLC</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">6/2/2021</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">10%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(810)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(600)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">B RE COPT DC JV II LLC (2)</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">10/30/2020</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">10%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(23,487)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(22,243)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">11,224 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">13,525 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt">(1)Included $35.5 million and $36.4 million reported in “investments in unconsolidated real estate joint ventures” and $24.3 million and $22.8 million for investments with deficit balances reported in “other liabilities” on our consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively. Investments with deficit balances are attributable to JV distributions of nonrecourse debt refinancing proceeds in excess of our equity in B RE COPT DC JV III LLC and B RE COPT DC JV II LLC; we are obligated to fund our share of future cash flow requirements, if any, of these joint ventures.</div>(2)Our investment in B RE COPT DC JV II LLC was lower than our share of the joint venture’s equity by $6.4 million as of June 30, 2026 and $6.5 million as of December 31, 2025 due to a difference between our cost basis and our share of the joint venture’s underlying equity in its net assets. We recognize adjustments to our share of the joint venture’s earnings and losses resulting from this basis difference in the underlying assets of the joint venture.

0.10

20131000

20767000

0.10

8745000

8941000

0.10

6645000

6660000

0.10

-810000

-600000

0.10

-23487000

-22243000

11224000

13525000

35500000

36400000

-24300000

-22800000

-6400000

-6500000

Investing Receivables<div style="text-indent:18pt">Investing receivables consisted of the following (in thousands): </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:79.385%"><tr><td style="width:1.0%"></td><td style="width:60.225%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.720%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.316%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.720%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.319%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Notes receivable from the City of Huntsville</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">66,117 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">64,461 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other investing loans receivable</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,758 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,970 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Amortized cost basis</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">74,875 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">73,431 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Allowance for credit losses</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2,238)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,575)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Investing receivables, net</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">72,637 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">69,856 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div>The balances above included accrued interest receivable, net of allowance for credit losses, of $2.3 million as of June 30, 2026 and $3.8 million as of December 31, 2025.</div><div style="text-indent:13.5pt"> </div><div style="text-indent:18pt">Our notes receivable from the City of Huntsville funded infrastructure costs in connection with our LW Redstone Company, LLC joint venture (see Note 6) and carry an interest rate of 9.95%. Our other investing loan receivable as of June 30, 2026 carries an effective interest rate of 12.0% and matures in 2026.</div><div> </div><div style="text-indent:18pt">The estimated fair value of these receivables approximated the amortized cost basis of the receivables.</div>

<div style="text-indent:18pt">Investing receivables consisted of the following (in thousands): </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:79.385%"><tr><td style="width:1.0%"></td><td style="width:60.225%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.720%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.316%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.720%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.319%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Notes receivable from the City of Huntsville</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">66,117 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">64,461 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other investing loans receivable</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,758 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,970 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Amortized cost basis</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">74,875 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">73,431 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Allowance for credit losses</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2,238)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,575)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Investing receivables, net</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">72,637 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">69,856 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

66117000

64461000

8758000

8970000

74875000

73431000

2238000

3575000

72637000

69856000

2300000

3800000

0.0995 0.120

Debt, Net<div> </div><div style="text-indent:18pt">Our debt consisted of the following (dollars in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:34.552%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.798%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.798%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.465%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.991%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td></tr><tr style="height:12pt"><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Effective Interest Rates</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Scheduled Maturity</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Mortgage and Other Secured Debt</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Variable-rate secured debt </td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,040 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,160 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">SOFR + 0.10%</div><div style="text-align:center">+ 1.45% (1)</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">August 2026</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Revolving Development Facility </td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">136,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">96,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">SOFR </div><div style="text-align:center">+ 1.25% to 1.90% (2)</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">October 2029 (3)</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Fixed-rate mortgage debt</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">36,079 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">N/A</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">N/A</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total mortgage and other secured debt</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">146,040 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">142,239 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Revolving Credit Facility </td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">272,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">54,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">SOFR</div><div style="text-align:center">+ 0.725% to 1.400% (4)</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">October 2029 (5)</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Term loan facility </td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">50,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">50,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">SOFR</div><div style="text-align:center">+ 0.850% to 1.700% (6)</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">January 2027 (7)</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unsecured Senior Notes</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">5.25%, $345,000 aggregate principal (8)</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">345,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">345,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">5.8%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"> September 2028</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2.00%, $400,000 aggregate principal</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2.1%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">January 2029</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">4.50%, $400,000 aggregate principal</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">4.8%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">October 2030</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2.75%, $600,000 aggregate principal</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">600,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">600,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2.9%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">April 2031</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2.90%, $400,000 aggregate principal</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">3.0%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 2033</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2.25%, $400,000 aggregate principal</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">N/A </td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">N/A </td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 1.75pt;text-align:left;vertical-align:bottom">Unsecured note payable</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">61 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">N/A </td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">N/A</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total debt</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,613,040 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,791,300 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net unamortized discounts and commissions</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(17,089)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19,382)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net deferred financing costs</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,515)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(4,084)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total debt, net</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,592,436 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,767,834 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt">(1)Including the effect of an interest rate swap that hedges the risk of interest rate changes, the weighted average interest rate on our variable-rate secured debt as of June 30, 2026 was 3.1%; excluding the effect of this swap, the weighted average interest rate on this debt as of June 30, 2026 was 5.2%. </div><div style="padding-left:18pt;text-indent:-18pt">(2)The weighted average interest rate on the Revolving Development Facility was 5.0% as of June 30, 2026.</div><div style="padding-left:18pt;text-indent:-18pt">(3)The facility matures in October 2029, with the ability to extend such maturity by a 12-month period at our option, provided that there is no default under the facility and we pay an extension fee of 0.250% of the total amount available under the facility. </div><div style="padding-left:18pt;text-indent:-18pt">(4)The weighted average interest rate on the Revolving Credit Facility was 4.5% as of June 30, 2026.</div><div style="padding-left:18pt;text-indent:-18pt">(5)The facility matures in October 2029, with the ability for us to extend such maturity by two six-month periods at our option, provided that there is no default under the facility and we pay an extension fee of 0.0625% of the total availability under the facility for each extension period. </div><div style="padding-left:18pt;text-indent:-18pt">(6)The interest rate on this loan was 4.7% as of June 30, 2026.</div><div style="padding-left:18pt;text-indent:-18pt">(7)This facility matures in January 2027, with the ability for us to extend such maturity by a 12-month period at our option, provided that there is no default under the facility and we pay an extension fee of 0.125% of the outstanding term loans under the facility. </div><div style="padding-left:18pt;text-indent:-18pt">(8)These notes have an exchange settlement feature under which the notes may, under certain circumstances, be exchangeable at the option of the holders. Upon exchange, the principal amount of notes is payable in cash, with the remainder of the exchange obligation, if any, as determined based on the exchange price per common share at the time of settlement, payable in cash, common shares, or a combination thereof at our election. As of June 30, 2026, the exchange rate of the notes equaled 33.5907 of our common shares per $1,000 principal amount of notes (equivalent to an exchange price of approximately $29.77 per common share).</div><div> </div><div>All debt is owed by the Operating Partnership. While COPT Defense is not directly obligated by any debt, it has guaranteed CDPLP’s Revolving Development Facility, Revolving Credit Facility, term loan facility, and Unsecured Senior Notes. As of June 30, 2026, all of our mortgage and other secured debt was for consolidated real estate joint ventures (see Note 6), except for our Revolving Development Facility.</div><div> </div><div style="text-indent:18pt">Certain of our debt instruments require that we comply with a number of restrictive financial covenants. As of June 30, 2026, we were compliant with these financial covenants.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">On March 16, 2026, we repaid at maturity $400.0 million in 2.25% Senior Notes due 2026 (the “2.25% Notes”). </div><div style="text-indent:18pt">The table below presents interest expense recognized on the 5.25% Exchangeable Senior Notes due 2028 (the “5.25% Notes”) (in thousands):<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:54.016%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.578%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Interest expense at stated interest rate</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,528 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,528 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,056 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,056 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Interest expense associated with amortization of debt discount and issuance costs</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">435 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">410 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">864 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">815 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,963 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,938 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,920 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,871 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-right:40.5pt;text-indent:18pt"> </div><div style="text-indent:18pt">Our debt matures on the following schedule (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:50.000%"><tr><td style="width:1.0%"></td><td style="width:60.011%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.261%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:30.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.750%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Year Ending December 31,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>2026 (1)</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,040 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">50,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>2028</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">345,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">808,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,000,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,613,040 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(2)</td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt">(1)Represents the six months ending December 31, 2026.</div><div style="padding-left:18pt;text-indent:-18pt">(2)Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $20.6 million.</div><div> </div><div style="text-indent:18pt">We capitalized interest costs of $1.7 million in the three months ended June 30, 2026, $1.1 million in the three months ended June 30, 2025, $3.5 million in the six months ended June 30, 2026, and $2.1 million in the six months ended June 30, 2025.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">The table below presents information pertaining to the fair value of our debt (in thousands): </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:87.134%"><tr><td style="width:1.0%"></td><td style="width:33.967%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.504%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.638%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.504%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.638%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.504%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.638%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.507%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Amount</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Estimated Fair Value</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Amount</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Estimated Fair Value</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Fixed-rate debt</td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Unsecured Senior Notes</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,124,448 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,031,086 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,521,673 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,438,332 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Other fixed-rate debt</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">36,125 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">35,649 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Variable-rate debt</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">467,988 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">468,523 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">210,036 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">211,505 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,592,436 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,499,609 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,767,834 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,685,486 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

<div style="text-indent:18pt">Our debt consisted of the following (dollars in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:34.552%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.798%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.798%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.465%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.991%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td></tr><tr style="height:12pt"><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Effective Interest Rates</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Scheduled Maturity</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Mortgage and Other Secured Debt</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Variable-rate secured debt </td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,040 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,160 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">SOFR + 0.10%</div><div style="text-align:center">+ 1.45% (1)</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">August 2026</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Revolving Development Facility </td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">136,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">96,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">SOFR </div><div style="text-align:center">+ 1.25% to 1.90% (2)</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">October 2029 (3)</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Fixed-rate mortgage debt</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">36,079 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">N/A</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">N/A</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total mortgage and other secured debt</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">146,040 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">142,239 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Revolving Credit Facility </td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">272,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">54,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">SOFR</div><div style="text-align:center">+ 0.725% to 1.400% (4)</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">October 2029 (5)</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Term loan facility </td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">50,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">50,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">SOFR</div><div style="text-align:center">+ 0.850% to 1.700% (6)</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">January 2027 (7)</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unsecured Senior Notes</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">5.25%, $345,000 aggregate principal (8)</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">345,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">345,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">5.8%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"> September 2028</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2.00%, $400,000 aggregate principal</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2.1%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">January 2029</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">4.50%, $400,000 aggregate principal</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">4.8%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">October 2030</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2.75%, $600,000 aggregate principal</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">600,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">600,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2.9%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">April 2031</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2.90%, $400,000 aggregate principal</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">3.0%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 2033</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2.25%, $400,000 aggregate principal</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">N/A </td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">N/A </td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 1.75pt;text-align:left;vertical-align:bottom">Unsecured note payable</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">61 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">N/A </td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">N/A</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total debt</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,613,040 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,791,300 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net unamortized discounts and commissions</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(17,089)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19,382)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net deferred financing costs</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,515)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(4,084)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total debt, net</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,592,436 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,767,834 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt">(1)Including the effect of an interest rate swap that hedges the risk of interest rate changes, the weighted average interest rate on our variable-rate secured debt as of June 30, 2026 was 3.1%; excluding the effect of this swap, the weighted average interest rate on this debt as of June 30, 2026 was 5.2%. </div><div style="padding-left:18pt;text-indent:-18pt">(2)The weighted average interest rate on the Revolving Development Facility was 5.0% as of June 30, 2026.</div><div style="padding-left:18pt;text-indent:-18pt">(3)The facility matures in October 2029, with the ability to extend such maturity by a 12-month period at our option, provided that there is no default under the facility and we pay an extension fee of 0.250% of the total amount available under the facility. </div><div style="padding-left:18pt;text-indent:-18pt">(4)The weighted average interest rate on the Revolving Credit Facility was 4.5% as of June 30, 2026.</div><div style="padding-left:18pt;text-indent:-18pt">(5)The facility matures in October 2029, with the ability for us to extend such maturity by two six-month periods at our option, provided that there is no default under the facility and we pay an extension fee of 0.0625% of the total availability under the facility for each extension period. </div><div style="padding-left:18pt;text-indent:-18pt">(6)The interest rate on this loan was 4.7% as of June 30, 2026.</div><div style="padding-left:18pt;text-indent:-18pt">(7)This facility matures in January 2027, with the ability for us to extend such maturity by a 12-month period at our option, provided that there is no default under the facility and we pay an extension fee of 0.125% of the outstanding term loans under the facility. </div><div style="padding-left:18pt;text-indent:-18pt">(8)These notes have an exchange settlement feature under which the notes may, under certain circumstances, be exchangeable at the option of the holders. Upon exchange, the principal amount of notes is payable in cash, with the remainder of the exchange obligation, if any, as determined based on the exchange price per common share at the time of settlement, payable in cash, common shares, or a combination thereof at our election. As of June 30, 2026, the exchange rate of the notes equaled 33.5907 of our common shares per $1,000 principal amount of notes (equivalent to an exchange price of approximately $29.77 per common share).</div>

10040000

10160000

0.0010

0.0145

136000000

96000000

0.0125

0.0190

36079000

146040000

142239000

272000000

54000000

0.00725

0.01400

50000000

0.00850

0.01700

0.0525

345000000

0.058

0.0200

400000000

0.021

0.0450

400000000

0.048

0.0275

600000000

0.029

0.0290

400000000

0.030

0.0225

400000000

61000

2613040000

2791300000

17089000

19382000

3515000

4084000

2592436000

2767834000

0.031

0.052

0.050

P12M 0.00250

0.045

2 P6M 0.000625

0.047

P12M 0.00125

29.77

400000000.0

0.0225

<div style="text-indent:18pt">The table below presents interest expense recognized on the 5.25% Exchangeable Senior Notes due 2028 (the “5.25% Notes”) (in thousands):<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:54.016%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.578%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Interest expense at stated interest rate</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,528 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,528 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,056 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,056 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Interest expense associated with amortization of debt discount and issuance costs</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">435 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">410 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">864 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">815 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,963 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,938 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,920 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,871 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

0.0525

4528000

9056000

435000

410000

864000

815000

4963000

4938000

9920000

9871000

<div style="text-indent:18pt">Our debt matures on the following schedule (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:50.000%"><tr><td style="width:1.0%"></td><td style="width:60.011%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.261%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:30.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.750%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Year Ending December 31,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>2026 (1)</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,040 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">50,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>2028</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">345,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">808,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,000,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,613,040 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(2)</td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt">(1)Represents the six months ending December 31, 2026.</div><div style="padding-left:18pt;text-indent:-18pt">(2)Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $20.6 million.</div>

10040000

50000000

345000000

808000000

400000000

1000000000

2613040000

20600000

1700000

1100000

3500000

2100000

2124448000

2031086000

2521673000

2438332000

36125000

35649000

467988000

468523000

210036000

211505000

2592436000

2499609000

2767834000

2685486000

Interest Rate Derivatives<div> </div><div style="text-indent:18pt">The table below presents the key terms and fair values of our interest rate swap derivatives (dollars in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.303%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.467%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.326%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.530%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fair Value at</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Notional Amount</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Floating Rate Index</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Effective Date</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Expiration Date</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:top">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:top">10,040 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(1)</td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">1.678%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">SOFR + 0.10%</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">8/1/2019</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">8/1/2026</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">17 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">114 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:top">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:top">150,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">3.742%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">One-Month SOFR</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2/1/2023</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2/2/2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(5)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:top">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:top">50,000 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">3.747%</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">One-Month SOFR</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2/1/2023</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2/2/2026</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">17 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">107 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:18pt;text-indent:-18pt">(1)The notional amount of this instrument is scheduled to amortize to $10.0 million.</div><div> </div><div>Each of these swaps was designated as a cash flow hedge of interest rate risk.</div><div style="text-indent:18pt">The table below presents the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.859%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.356%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.600%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fair Value at</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Derivatives</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Balance Sheet Location</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 2.5pt;text-align:left;vertical-align:top">Interest rate swaps designated as cash flow hedges</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:top">Prepaid expenses and other assets, net</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">17 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">114 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 2.5pt;text-align:left;vertical-align:bottom">Interest rate swaps designated as cash flow hedges</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Other liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">(7)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div> </div><div style="text-indent:18pt">The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:26.905%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.386%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.817%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.386%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.266%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-bottom:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amount of (Loss) Income Recognized in AOCI on Derivatives</td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-bottom:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amount of Income Reclassified from AOCI into Interest Expense on Statement of Operations</td></tr><tr style="height:20pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Derivatives in Hedging Relationships</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Interest rate derivatives</td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1)</td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">274 </td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8 </td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">194 </td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">52 </td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">366 </td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">98 </td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">928 </td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">Based on the fair value of our derivatives as of June 30, 2026, we estimate that $17,000 of net gains will be reclassified from accumulated other comprehensive income (“AOCI”) as a decrease to interest expense over the next 12 months.</div>Our agreements with interest rate derivative counterparties contain provisions under which, if we default or are capable of being declared in default on defined levels of our indebtedness, we could also be declared in default on our derivative obligations. Failure to comply with the loan covenant provisions could result in our being declared in default on any derivative instrument obligations covered by the agreements. As of June 30, 2026, we were not in default with any of these provisions. As of June 30, 2026, we did not have any derivatives in liability positions.

10040000

0.01678

0.0010

17000

114000

150000000

0.03742

-5000

50000000

0.03747

-2000

17000

107000

10000000.0

<div style="text-indent:18pt">The table below presents the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.859%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.356%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.600%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fair Value at</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Derivatives</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Balance Sheet Location</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 2.5pt;text-align:left;vertical-align:top">Interest rate swaps designated as cash flow hedges</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:top">Prepaid expenses and other assets, net</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">17 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">114 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 2.5pt;text-align:left;vertical-align:bottom">Interest rate swaps designated as cash flow hedges</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Other liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">(7)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

17000

114000

7000

<div style="text-indent:18pt">The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:26.905%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.386%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.817%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.386%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.266%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-bottom:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amount of (Loss) Income Recognized in AOCI on Derivatives</td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-bottom:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amount of Income Reclassified from AOCI into Interest Expense on Statement of Operations</td></tr><tr style="height:20pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Derivatives in Hedging Relationships</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Interest rate derivatives</td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1)</td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">274 </td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8 </td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">194 </td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">52 </td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">366 </td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">98 </td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">928 </td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

-1000

274000

8000

194000

52000

366000

98000

928000

17000

Redeemable Noncontrolling Interest<div style="text-indent:18pt">Redeemable noncontrolling interest on our consolidated balance sheets included the ownership interest of our partner in LW Redstone Company, LLC due to the partner’s rights to require us to acquire their interest. The table below presents the activity for redeemable noncontrolling interest (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:77.192%"><tr><td style="width:1.0%"></td><td style="width:61.968%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.315%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.134%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.746%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.137%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Beginning balance</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">25,506 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">23,974 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Distributions to noncontrolling interest</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,426)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,335)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net income attributable to noncontrolling interest</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,426 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,335 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Adjustments for changes in fair value of interest</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(625)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(716)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Ending balance</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">24,881 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">23,258 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>We determine the fair value of the interest based on unobservable inputs after considering the assumptions that market participants would make in pricing the interest. We apply a discount rate to the estimated future cash flows allocable to our partner from the properties underlying the respective joint venture. Estimated cash flows used in such analyses are based on our plans for the properties and our views of market and economic conditions, and consider items such as current and future rental rates, occupancy projections, and estimated operating and development expenditures.

The table below presents the activity for redeemable noncontrolling interest (in thousands):<div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:77.192%"><tr><td style="width:1.0%"></td><td style="width:61.968%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.315%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.134%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.746%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.137%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Beginning balance</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">25,506 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">23,974 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Distributions to noncontrolling interest</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,426)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,335)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net income attributable to noncontrolling interest</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,426 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,335 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Adjustments for changes in fair value of interest</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(625)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(716)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Ending balance</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">24,881 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">23,258 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

25506000

23974000

1426000

1335000

1426000

1335000

-625000

-716000

24881000

23258000

Equity<div style="text-indent:18pt"> </div><div style="text-indent:18pt"> As of June 30, 2026, we had remaining capacity under our at-the-market stock offering program equal to an aggregate gross sales price of $300 million in common shares.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">We declared dividends per common share of $0.32 in the three months ended June 30, 2026, $0.305 in the three months ended June 30, 2025, $0.64 in the six months ended June 30, 2026, and $0.61 in the six months ended June 30, 2025.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">See Note 15 for disclosure of common share activity pertaining to our share-based compensation plans.</div>

300000000

0.32

0.305

0.64

0.61

Information by Business Segment<div style="text-indent:18pt">We have two reportable segments: Defense/IT Portfolio; and Other. We also report on Defense/IT Portfolio sub-segments, which include the following: Fort George G. Meade and the Baltimore/Washington Corridor (“Fort Meade/BW Corridor”); Redstone Arsenal (in Huntsville, Alabama); Northern Virginia Defense/IT Locations (“NoVA Defense/IT”); Lackland Air Force Base (in San Antonio, Texas); locations serving the U.S. Navy (“Navy Support”), which included properties proximate to the Washington Navy Yard in Washington, DC, the Naval Air Station Patuxent River in Maryland, and the Naval Surface Warfare Center Dahlgren Division in Virginia; and data center shells (properties leased to tenants to be operated as data centers in which the tenants fund the costs for the power, fiber connectivity, and data center infrastructure).</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">We measure the performance of our segments through the measure we define as net operating income from real estate operations (“NOI from real estate operations”), which includes real estate revenues and other segment items, which is comprised of: property operating expenses; and the net of revenues and property operating expenses of real estate operations owned through unconsolidated real estate joint ventures (“UJV” or “UJVs”) that is allocable to our ownership interest (“UJV NOI allocable to COPT Defense”). Property operating expenses represent costs associated with operating our properties, including property taxes, ground rents, utilities, property management, insurance, repairs, and exterior and interior maintenance, as well as associated labor and indirect costs.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">Our chief operating decision maker uses budget to actual comparisons of operating expense information on a consolidated basis and for our Same Property pool (defined as our properties stably owned and 100% operational throughout both the current and prior year) to manage expenses associated with operating our properties.</div><div> </div><div style="text-indent:18pt">Amounts reported for segment assets represent long-lived assets associated with consolidated operating properties (including the carrying value of properties, right-of-use assets, net of related lease liabilities, intangible assets, deferred leasing costs, deferred rents receivable, lease incentives, and investments in sale-type leases) and the carrying value of investments in UJVs owning operating properties included in our data center shells sub-segment (totaling $11.2 million and $34.7 million as of June 30, 2026 and 2025, respectively), which is net of deficit investment balances in UJVs reported in “other liabilities” on our consolidated balance sheets. </div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">Amounts reported as additions to long-lived assets represent additions to existing consolidated operating properties, excluding transfers from non-operating properties, which we report separately.</div><div style="text-indent:18pt">The table below presents segment financial information for our reportable segments (in thousands): </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.113%"><tr><td style="width:1.0%"></td><td style="width:22.511%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.921%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="39" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Defense/IT Portfolio</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fort Meade/BW Corridor</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Redstone Arsenal</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">NoVA Defense/IT</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Lackland Air Force Base</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Navy Support</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Data Center Shells</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Defense/IT Portfolio</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Other</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Three Months Ended June 30, 2026</div></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Revenues from real estate operations</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">81,932 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">20,137 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">24,824 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">19,552 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,523 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,957 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">171,925 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,701 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">190,626 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Other segment items</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">Property operating expenses</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(28,538)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,715)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,336)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,849)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(4,104)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(4,039)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(62,581)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10,005)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(72,586)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">UJV NOI allocable to COPT Defense</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,050 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,050 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,050 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 22pt;text-align:left;text-indent:-9pt;vertical-align:top">Total other segment items</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(28,538)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,715)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,336)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,849)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(4,104)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,989)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(60,531)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10,005)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(70,536)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">NOI from real estate operations</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">53,394 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">13,422 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,488 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,703 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,419 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">13,968 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">111,394 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,696 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">120,090 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Additions to long-lived assets</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,510 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,624 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,575 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">391 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,869 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,969 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,256 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">24,225 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Transfers from non-operating properties</td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">41,020 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,001 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">826 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">6,674 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">50,521 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">297 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">50,818 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Three Months Ended June 30, 2025</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Revenues from real estate operations</td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">81,337 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,977 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">22,018 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">17,475 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,258 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,644 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">158,709 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,748 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">177,457 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Other segment items</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">Property operating expenses</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(26,897)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,160)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(8,858)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,241)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,856)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,783)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(56,795)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10,120)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(66,915)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">UJV NOI allocable to COPT Defense</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,870 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,870 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,870 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 22pt;text-align:left;text-indent:-9pt;vertical-align:top">Total other segment items</td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(26,897)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,160)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(8,858)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,241)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,856)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">87 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(54,925)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10,120)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(65,045)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">NOI from real estate operations</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">54,440 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,817 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">13,160 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,234 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,402 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,731 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">103,784 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,628 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">112,412 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Additions to long-lived assets</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,971 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">6,938 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,263 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">98 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,746 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">23,016 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,629 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">26,645 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Transfers from non-operating properties</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">13,896 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">14,356 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">(2)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,325 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">33,577 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,225 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">35,802 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Six Months Ended June 30, 2026</div></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Revenues from real estate operations</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">169,465 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">40,782 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">49,640 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">37,906 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,515 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">30,622 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">346,930 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">38,292 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">385,222 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Other segment items</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">Property operating expenses</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(65,018)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(13,964)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19,692)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,847)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(8,463)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,588)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(132,572)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(21,449)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(154,021)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">UJV NOI allocable to COPT Defense</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,106 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,106 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,106 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 22pt;text-align:left;text-indent:-9pt;vertical-align:top">Total other segment items</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(65,018)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(13,964)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19,692)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,847)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(8,463)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2,482)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(128,466)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(21,449)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(149,915)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">NOI from real estate operations</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">104,447 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">26,818 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">29,948 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">19,059 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,052 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">28,140 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">218,464 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">16,843 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">235,307 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Additions to long-lived assets</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">20,156 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,506 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,578 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">335 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,548 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">31,123 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">11,857 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">42,980 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Transfers from non-operating properties</td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">41,136 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,910 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">831 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">22,230 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">69,107 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">685 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">69,792 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Segment assets at June 30, 2026</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,485,856 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">611,419 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">555,611 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">192,906 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">170,497 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">594,644 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,610,933 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">329,204 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,940,137 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Six Months Ended June 30, 2025</div></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Revenues from real estate operations</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">165,945 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">35,399 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">45,180 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">33,885 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">16,218 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">21,509 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">318,136 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">36,918 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">355,054 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Other segment items</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">Property operating expenses</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(58,827)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12,454)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,947)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,240)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(8,022)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,636)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(120,126)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,829)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(138,955)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">UJV NOI allocable to COPT Defense</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,759 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,759 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,759 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 22pt;text-align:left;text-indent:-9pt;vertical-align:top">Total other segment items</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(58,827)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12,454)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,947)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,240)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(8,022)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">123 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(116,367)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,829)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(135,196)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">NOI from real estate operations</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">107,118 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">22,945 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">26,233 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,645 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,196 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">21,632 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">201,769 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,089 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">219,858 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Additions to long-lived assets</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,064 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,186 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,819 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">217 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">6,412 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">40,698 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,362 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">46,060 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Transfers from non-operating properties</td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,233 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,622 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,266 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">43,139 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,999 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">48,138 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Segment assets at June 30, 2025</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,447,969 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">617,563 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">490,419 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">195,567 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">164,254 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">494,805 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,410,577 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">316,482 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,727,059 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-indent:18pt">The table below reconciles our segment revenues to total revenues as reported on our consolidated statements of operations (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.076%"><tr><td style="width:1.0%"></td><td style="width:49.050%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.797%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.797%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.797%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.800%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Segment revenues from real estate operations</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">190,626 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">177,457 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">385,222 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">355,054 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Construction contract and other service revenues</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,766 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12,458 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12,807 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22,717 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total revenues</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">197,392 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">189,915 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">398,029 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">377,771 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div style="text-indent:18pt">The table below reconciles UJV NOI allocable to COPT Defense to equity in income of unconsolidated entities as reported on our consolidated statements of operations (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.368%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.761%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.550%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.761%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.550%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.761%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.851%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.766%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">UJV NOI allocable to COPT Defense</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,050 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,870 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,106 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,759 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Less: Income from UJV allocable to COPT Defense attributable to depreciation and amortization expense, interest expense, gain on sale of real estate, and loss on early extinguishment of debt</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,658)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,515)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2,308)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,033)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Equity in income of unconsolidated entities</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">392 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">355 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,798 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">726 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div style="text-indent:18pt">As previously discussed, we provide real estate services such as property management, development, and construction services primarily for our properties but also for third parties. The primary manner in which we evaluate the operating performance of our service activities is through a measure we define as net operating income from service operations (“NOI from service operations”), which is based on the net of revenues and expenses from these activities. Construction contract and other service revenues and expenses consist primarily of subcontracted costs that are reimbursed to us by the customer along with a management fee. The operating margins from these activities are small relative to the revenue. We believe NOI from service operations is a useful measure in assessing both our level of activity and our profitability in conducting such operations. The table below presents the computation of our NOI from service operations (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.076%"><tr><td style="width:1.0%"></td><td style="width:49.050%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.797%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.797%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.797%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.800%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Construction contract and other service revenues</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">6,766 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,458 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,807 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">22,717 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Construction contract and other service expenses</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,023)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(11,873)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(11,575)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(21,578)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">NOI from service operations</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">743 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">585 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,232 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,139 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div style="text-indent:18pt">The table below reconciles our NOI from real estate operations for reportable segments and NOI from service operations to net income as reported on our consolidated statements of operations (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.198%"><tr><td style="width:1.0%"></td><td style="width:49.507%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.994%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.906%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.906%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.910%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">NOI from real estate operations</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">120,090 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">112,412 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">235,307 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">219,858 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">NOI from service operations</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">743 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">585 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,232 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,139 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Depreciation and other amortization associated with real estate operations</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(42,289)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(39,573)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(84,974)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(78,932)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">General, administrative, leasing, and other expenses</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(13,264)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(11,911)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(25,913)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(24,067)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Interest expense</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(24,444)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(20,938)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(48,440)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(41,442)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Interest and other income, net</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,973 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,223 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,928 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,791 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Gain on sales of real estate</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,442 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,024 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">300 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Equity in income of unconsolidated entities</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">392 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">355 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,798 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">726 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">UJV NOI allocable to COPT Defense included in equity in income of unconsolidated entities</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2,050)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,870)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(4,106)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,759)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Income tax expense</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(34)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(117)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(158)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(220)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Net income </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">48,559 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">40,166 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">88,698 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">76,394 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div style="text-indent:18pt">The table below reconciles our segment assets to our consolidated total assets (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.836%"><tr><td style="width:1.0%"></td><td style="width:65.829%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.587%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.648%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.587%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.649%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Segment assets</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,940,137 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,727,059 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Operating properties lease liabilities included in segment assets</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">43,555 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">47,749 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Investments in UJVs deficit balances included in segment assets</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24,297 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,823 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Non-operating property assets</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">304,891 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">322,935 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other assets</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">202,401 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">185,384 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total consolidated assets</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,515,281 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,286,950 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div style="text-indent:18pt">The accounting policies of the segments are the same as those used to prepare our consolidated financial statements. In the segment reporting presented above, we did not allocate interest expense, depreciation and amortization, gain on sales of real estate, and equity in income of unconsolidated entities not included in NOI to our real estate segments since they are not included in the measure of segment profit reviewed by management. We also did not allocate general, administrative, leasing and other expenses, interest and other income, net, income taxes, and noncontrolling interests because these items represent general corporate or non-operating property items not attributable to segments.</div>

11200000

34700000

<div style="text-indent:18pt">The table below presents segment financial information for our reportable segments (in thousands): </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.113%"><tr><td style="width:1.0%"></td><td style="width:22.511%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:6.912%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.921%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="39" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Defense/IT Portfolio</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fort Meade/BW Corridor</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Redstone Arsenal</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">NoVA Defense/IT</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Lackland Air Force Base</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Navy Support</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Data Center Shells</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Defense/IT Portfolio</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Other</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Three Months Ended June 30, 2026</div></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Revenues from real estate operations</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">81,932 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">20,137 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">24,824 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">19,552 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,523 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,957 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">171,925 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,701 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">190,626 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Other segment items</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">Property operating expenses</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(28,538)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,715)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,336)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,849)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(4,104)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(4,039)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(62,581)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10,005)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(72,586)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">UJV NOI allocable to COPT Defense</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,050 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,050 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,050 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 22pt;text-align:left;text-indent:-9pt;vertical-align:top">Total other segment items</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(28,538)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,715)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,336)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,849)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(4,104)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,989)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(60,531)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10,005)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(70,536)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">NOI from real estate operations</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">53,394 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">13,422 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,488 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,703 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,419 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">13,968 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">111,394 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,696 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">120,090 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Additions to long-lived assets</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,510 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,624 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,575 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">391 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,869 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,969 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,256 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">24,225 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Transfers from non-operating properties</td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">41,020 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,001 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">826 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">6,674 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">50,521 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">297 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">50,818 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Three Months Ended June 30, 2025</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Revenues from real estate operations</td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">81,337 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,977 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">22,018 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">17,475 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,258 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,644 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">158,709 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,748 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">177,457 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Other segment items</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">Property operating expenses</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(26,897)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,160)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(8,858)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,241)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,856)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,783)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(56,795)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10,120)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(66,915)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">UJV NOI allocable to COPT Defense</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,870 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,870 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,870 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 22pt;text-align:left;text-indent:-9pt;vertical-align:top">Total other segment items</td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(26,897)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,160)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(8,858)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,241)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,856)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">87 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(54,925)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10,120)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(65,045)</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">NOI from real estate operations</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">54,440 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,817 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">13,160 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,234 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,402 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,731 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">103,784 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,628 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">112,412 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Additions to long-lived assets</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,971 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">6,938 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,263 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">98 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,746 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">23,016 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,629 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">26,645 </td><td style="background-color:#ececeb;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Transfers from non-operating properties</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">13,896 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">14,356 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">(2)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,325 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">33,577 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,225 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">35,802 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Six Months Ended June 30, 2026</div></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Revenues from real estate operations</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">169,465 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">40,782 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">49,640 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">37,906 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,515 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">30,622 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">346,930 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">38,292 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">385,222 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Other segment items</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">Property operating expenses</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(65,018)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(13,964)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19,692)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,847)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(8,463)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,588)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(132,572)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(21,449)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(154,021)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">UJV NOI allocable to COPT Defense</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,106 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,106 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,106 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 22pt;text-align:left;text-indent:-9pt;vertical-align:top">Total other segment items</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(65,018)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(13,964)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19,692)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,847)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(8,463)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2,482)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(128,466)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(21,449)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(149,915)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">NOI from real estate operations</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">104,447 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">26,818 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">29,948 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">19,059 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,052 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">28,140 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">218,464 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">16,843 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">235,307 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Additions to long-lived assets</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">20,156 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,506 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,578 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">335 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,548 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">31,123 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">11,857 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">42,980 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Transfers from non-operating properties</td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">41,136 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,910 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">831 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">22,230 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">69,107 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">685 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">69,792 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Segment assets at June 30, 2026</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,485,856 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">611,419 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">555,611 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">192,906 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">170,497 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">594,644 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,610,933 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">329,204 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,940,137 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Six Months Ended June 30, 2025</div></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Revenues from real estate operations</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">165,945 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">35,399 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">45,180 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">33,885 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">16,218 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">21,509 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">318,136 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">36,918 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">355,054 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Other segment items</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">Property operating expenses</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(58,827)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12,454)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,947)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,240)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(8,022)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,636)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(120,126)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,829)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(138,955)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">UJV NOI allocable to COPT Defense</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,759 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,759 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,759 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 22pt;text-align:left;text-indent:-9pt;vertical-align:top">Total other segment items</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(58,827)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12,454)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,947)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,240)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(8,022)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">123 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(116,367)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18,829)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(135,196)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">NOI from real estate operations</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">107,118 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">22,945 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">26,233 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,645 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,196 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">21,632 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">201,769 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,089 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">219,858 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Additions to long-lived assets</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,064 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,186 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,819 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">217 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">6,412 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">40,698 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,362 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">46,060 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Transfers from non-operating properties</td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,233 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,622 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,266 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">43,139 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,999 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">48,138 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Segment assets at June 30, 2025</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,447,969 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">617,563 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">490,419 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">195,567 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">164,254 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">494,805 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,410,577 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">316,482 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,727,059 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

81932000

20137000

24824000

19552000

9523000

15957000

171925000

18701000

190626000

28538000

6715000

9336000

9849000

4104000

4039000

62581000

10005000

72586000

0 0 0 0 0 2050000 2050000 0 2050000

28538000

6715000

9336000

9849000

4104000

1989000

60531000

10005000

70536000

53394000

13422000

15488000

9703000

5419000

13968000

111394000

8696000

120090000

12510000

2624000

1575000

391000

1869000

18969000

5256000

24225000

41020000 2001000 826000 0 0 6674000 50521000 297000 50818000

81337000

18977000

22018000

17475000

8258000

10644000

158709000

18748000

177457000

26897000

6160000

8858000

9241000

3856000

1783000

56795000

10120000

66915000

0 0 0 0 0 1870000 1870000 0 1870000

26897000

6160000

8858000

9241000

3856000

-87000

54925000

10120000

65045000

54440000

12817000

13160000

8234000

4402000

10731000

103784000

8628000

112412000

9971000

6938000

3263000

98000

2746000

23016000

3629000

26645000

13896000 14356000 -2000 0 2000 5325000 33577000 2225000 35802000

169465000

40782000

49640000

37906000

18515000

30622000

346930000

38292000

385222000

65018000

13964000

19692000

18847000

8463000

6588000

132572000

21449000

154021000

0 0 0 0 0 4106000 4106000 0 4106000

65018000

13964000

19692000

18847000

8463000

2482000

128466000

21449000

149915000

104447000

26818000

29948000

19059000

10052000

28140000

218464000

16843000

235307000

20156000

3506000

3578000

335000

3548000

31123000

11857000

42980000

41136000 4910000 831000 0 0 22230000 69107000 685000 69792000

1485856000

611419000

555611000

192906000

170497000

594644000

3610933000

329204000

3940137000

165945000

35399000

45180000

33885000

16218000

21509000

318136000

36918000

355054000

58827000

12454000

18947000

18240000

8022000

3636000

120126000

18829000

138955000

0 0 0 0 0 3759000 3759000 0 3759000

58827000

12454000

18947000

18240000

8022000

-123000

116367000

18829000

135196000

107118000

22945000

26233000

15645000

8196000

21632000

201769000

18089000

219858000

18064000

10186000

5819000

217000

6412000

40698000

5362000

46060000

15233000 18622000 16000 0 2000 9266000 43139000 4999000 48138000

1447969000

617563000

490419000

195567000

164254000

494805000

3410577000

316482000

3727059000

<div style="text-indent:18pt">The table below reconciles our segment revenues to total revenues as reported on our consolidated statements of operations (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.076%"><tr><td style="width:1.0%"></td><td style="width:49.050%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.797%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.797%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.797%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.800%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Segment revenues from real estate operations</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">190,626 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">177,457 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">385,222 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">355,054 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Construction contract and other service revenues</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,766 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12,458 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12,807 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22,717 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total revenues</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">197,392 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">189,915 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">398,029 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">377,771 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

190626000

177457000

385222000

355054000

6766000

12458000

12807000

22717000

197392000

189915000

398029000

377771000

<div style="text-indent:18pt">The table below reconciles UJV NOI allocable to COPT Defense to equity in income of unconsolidated entities as reported on our consolidated statements of operations (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.368%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.761%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.550%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.761%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.550%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.761%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.851%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.766%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">UJV NOI allocable to COPT Defense</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,050 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,870 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,106 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,759 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Less: Income from UJV allocable to COPT Defense attributable to depreciation and amortization expense, interest expense, gain on sale of real estate, and loss on early extinguishment of debt</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,658)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,515)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2,308)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,033)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Equity in income of unconsolidated entities</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">392 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">355 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,798 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">726 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 2050000 1870000 4106000 3759000 1658000 1515000 2308000 3033000

392000

355000

1798000

726000

The table below presents the computation of our NOI from service operations (in thousands):<div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.076%"><tr><td style="width:1.0%"></td><td style="width:49.050%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.797%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.797%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.797%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.800%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Construction contract and other service revenues</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">6,766 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,458 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,807 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">22,717 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Construction contract and other service expenses</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,023)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(11,873)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(11,575)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(21,578)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">NOI from service operations</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">743 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">585 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,232 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,139 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

6766000

12458000

12807000

22717000

6023000 11873000 11575000 21578000

743000

585000

1232000

1139000

<div style="text-indent:18pt">The table below reconciles our NOI from real estate operations for reportable segments and NOI from service operations to net income as reported on our consolidated statements of operations (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.198%"><tr><td style="width:1.0%"></td><td style="width:49.507%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.994%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.906%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.906%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.910%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">NOI from real estate operations</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">120,090 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">112,412 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">235,307 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">219,858 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">NOI from service operations</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">743 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">585 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,232 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,139 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Depreciation and other amortization associated with real estate operations</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(42,289)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(39,573)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(84,974)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(78,932)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">General, administrative, leasing, and other expenses</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(13,264)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(11,911)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(25,913)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(24,067)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Interest expense</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(24,444)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(20,938)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(48,440)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(41,442)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Interest and other income, net</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,973 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,223 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,928 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,791 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Gain on sales of real estate</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,442 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,024 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">300 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Equity in income of unconsolidated entities</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">392 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">355 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,798 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">726 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">UJV NOI allocable to COPT Defense included in equity in income of unconsolidated entities</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2,050)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,870)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(4,106)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,759)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Income tax expense</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(34)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(117)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(158)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(220)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Net income </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">48,559 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">40,166 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">88,698 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">76,394 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

120090000

112412000

235307000

219858000

743000

585000

1232000

1139000

42289000

39573000

84974000

78932000

13264000

11911000

25913000

24067000

24444000

20938000

48440000

41442000

2973000

1223000

6928000

2791000

6442000

7024000

300000

392000

355000

1798000

726000

2050000 1870000 4106000 3759000

34000

117000

158000

220000

48559000

40166000

88698000

76394000

<div style="text-indent:18pt">The table below reconciles our segment assets to our consolidated total assets (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.836%"><tr><td style="width:1.0%"></td><td style="width:65.829%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.587%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.648%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.587%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.649%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Segment assets</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,940,137 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,727,059 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Operating properties lease liabilities included in segment assets</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">43,555 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">47,749 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Investments in UJVs deficit balances included in segment assets</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24,297 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,823 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Non-operating property assets</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">304,891 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">322,935 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other assets</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">202,401 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">185,384 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total consolidated assets</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,515,281 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,286,950 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

3940137000

3727059000

43555000 47749000

24297000

3823000

304891000

322935000

202401000

185384000

4515281000

4286950000

Construction Contract and Other Service Revenues<div style="text-indent:18pt">We disaggregate in the table below our construction contract and other service revenues by compensation arrangement as we believe it best depicts the nature, timing, and uncertainty of our revenue (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.567%"><tr><td style="width:1.0%"></td><td style="width:50.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.306%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.581%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.306%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.581%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.306%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.581%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.308%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Construction contract revenue</td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cost-plus fee</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,339 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,836 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,948 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,907 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Firm fixed price</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,263 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,536 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,005 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">11,813 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Guaranteed maximum price</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,884 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,824 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,222 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,454 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">280 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">262 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">632 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">543 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">6,766 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,458 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,807 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">22,717 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div style="text-indent:18pt">We recognized an insignificant amount of revenue in the three and six months ended June 30, 2026 and 2025 from performance obligations satisfied (or partially satisfied) in previous periods.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">Accounts receivable related to our construction contract services is included in accounts receivable, net on our consolidated balance sheets. The beginning and ending balances of accounts receivable related to our construction contracts were as follows (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.456%"><tr><td style="width:1.0%"></td><td style="width:65.743%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.686%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.037%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Beginning balance</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,036 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,828 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Ending balance</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,571 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,858 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div>Contract assets are included in prepaid expenses and other assets, net on our consolidated balance sheets. The beginning and ending balances of our contract assets were as follows (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.456%"><tr><td style="width:1.0%"></td><td style="width:65.743%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.686%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.037%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Beginning balance</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">17,925 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">17,050 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Ending balance</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">16,354 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">13,016 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div>Contract liabilities are included in other liabilities on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.163%"><tr><td style="width:1.0%"></td><td style="width:65.625%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.092%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.689%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.094%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Beginning balance</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,183 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,016 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Ending balance</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,751 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,448 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Portion of beginning balance recognized in revenue during:</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Three months ended June 30,</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">309 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">85 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Six months ended June 30,</div></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">545 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">185 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div>Revenue allocated to the remaining performance obligations under existing contracts as of June 30, 2026 that will be recognized as revenue in future periods was $32.0 million, of which we expect to recognize approximately $28 million in the six months ending December 31, 2026, and the remainder in 2027. </div><div> </div><div style="text-indent:18pt">We have no deferred incremental costs incurred to obtain or fulfill our construction contracts or other service revenues as of June 30, 2026 and December 31, 2025. Credit loss expense or recoveries on construction contracts receivable and unbilled construction revenue were insignificant for the three and six months ended June 30, 2026 and 2025.</div>

<div style="text-indent:18pt">We disaggregate in the table below our construction contract and other service revenues by compensation arrangement as we believe it best depicts the nature, timing, and uncertainty of our revenue (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.567%"><tr><td style="width:1.0%"></td><td style="width:50.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.306%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.581%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.306%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.581%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.306%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.581%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.308%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Construction contract revenue</td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cost-plus fee</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,339 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,836 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,948 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,907 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Firm fixed price</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,263 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,536 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,005 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">11,813 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Guaranteed maximum price</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,884 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,824 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,222 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,454 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">280 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">262 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">632 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">543 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">6,766 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,458 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,807 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">22,717 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

2339000

1836000

3948000

2907000

2263000

5536000

4005000

11813000

1884000

4824000

4222000

7454000

280000

262000

632000

543000

6766000

12458000

12807000

22717000

The beginning and ending balances of accounts receivable related to our construction contracts were as follows (in thousands):<div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.456%"><tr><td style="width:1.0%"></td><td style="width:65.743%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.686%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.037%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Beginning balance</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,036 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,828 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Ending balance</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,571 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,858 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>The beginning and ending balances of our contract assets were as follows (in thousands):<div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.456%"><tr><td style="width:1.0%"></td><td style="width:65.743%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.686%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.037%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Beginning balance</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">17,925 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">17,050 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Ending balance</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">16,354 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">13,016 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>Changes in contract liabilities were as follows (in thousands):<div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.163%"><tr><td style="width:1.0%"></td><td style="width:65.625%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.092%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.689%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.094%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Beginning balance</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,183 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,016 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Ending balance</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,751 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,448 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Portion of beginning balance recognized in revenue during:</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Three months ended June 30,</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">309 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">85 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Six months ended June 30,</div></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">545 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">185 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

4036000

8828000

2571000

4858000

17925000

17050000

16354000

13016000

2183000

2016000

1751000

2448000

309000

85000

545000

185000

32000000.0

28000000

P6M

Credit Losses on Financial Assets and Other Instruments<div style="margin-bottom:8pt;text-indent:18pt">The table below presents the activity for our allowance for credit losses for the six months ended June 30, 2026 and 2025 (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:30.718%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.949%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.949%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.949%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.949%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.954%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Investing Receivables</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Tenant Notes Receivable (1)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Investments in Sales-Type Leases</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Other Assets (2)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">December 31, 2025</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,575 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">532 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">109 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,216 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net credit loss (recoveries) expense (3)</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,337)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(35)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">60 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(35)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,347)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 30, 2026</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,238 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">497 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">60 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">74 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,869 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">December 31, 2024</td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,792 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">615 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">75 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,482 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net credit loss expense (recoveries) (3)</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,774 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(43)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,702 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 30, 2025</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,566 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">572 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">46 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,184 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt">(1)Included in the line entitled “accounts receivable, net” on our consolidated balance sheets.</div><div style="padding-left:18pt;text-indent:-18pt">(2)Includes insignificant amounts in the lines entitled “accounts receivable, net” and “prepaid expenses and other assets, net” on our consolidated balance sheets.</div><div style="padding-left:18pt;text-indent:-18pt">(3)Included in the line entitled “interest and other income, net” on our consolidated statements of operations. </div><div> </div><div style="text-indent:18pt">The table below presents the amortized cost basis of our investing receivables, tenant notes receivable, and sales-type lease receivables by credit risk classification, by origination year as of June 30, 2026 (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:25.958%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.988%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.958%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.752%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.752%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.752%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.495%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Origination Year</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">2021 and Earlier</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2022</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2023</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Investing receivables</td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Credit risk classification</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Investment grade</td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">64,201 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,916 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">66,117 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Non-investment grade</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,758 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,758 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 28pt;text-align:left;vertical-align:bottom">Total </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">64,201 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,916 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,758 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">74,875 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Tenant notes receivable</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Credit risk classification</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Investment grade</td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">339 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">339 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Non-investment grade</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,148 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">285 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">17 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,450 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 28pt;text-align:left;vertical-align:bottom">Total</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,487 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">285 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">17 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,789 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Investments in sales-type leases</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Credit risk classification</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Investment grade</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,483 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">44,827 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">48,310 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div>Our investment grade credit risk classification represents entities with investment grade credit ratings from ratings agencies (such as S&P Global Ratings, Moody’s Investors Service, Inc., or Fitch Ratings, Inc.), meaning that they are considered to have at least an adequate capacity to meet their financial commitments, with credit risk ranging from minimal to moderate. Our non-investment grade credit risk classification represents entities with either no credit agency credit ratings or ratings deemed to be sub-investment grade; we believe that there is significantly more credit risk associated with this classification. The credit risk classifications of our investing receivables and tenant notes receivable were last updated in June 2026.</div><div> </div><div style="text-indent:18pt">None of the investing and tenant notes receivables set forth above were past due, which we define as being delinquent by more than three months from the due date, as of June 30, 2026.</div>We did not have any tenant notes receivable on nonaccrual status as of June 30, 2026 and December 31, 2025. We did not recognize any interest income on tenant notes receivable on nonaccrual status during the three and six months ended June 30, 2026 and 2025.

<div style="margin-bottom:8pt;text-indent:18pt">The table below presents the activity for our allowance for credit losses for the six months ended June 30, 2026 and 2025 (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:30.718%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.949%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.949%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.949%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.949%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.954%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Investing Receivables</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Tenant Notes Receivable (1)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Investments in Sales-Type Leases</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Other Assets (2)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">December 31, 2025</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,575 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">532 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">109 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,216 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net credit loss (recoveries) expense (3)</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,337)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(35)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">60 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(35)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,347)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 30, 2026</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,238 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">497 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">60 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">74 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,869 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">December 31, 2024</td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,792 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">615 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">75 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,482 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net credit loss expense (recoveries) (3)</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,774 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(43)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,702 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 30, 2025</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,566 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">572 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">46 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,184 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt">(1)Included in the line entitled “accounts receivable, net” on our consolidated balance sheets.</div><div style="padding-left:18pt;text-indent:-18pt">(2)Includes insignificant amounts in the lines entitled “accounts receivable, net” and “prepaid expenses and other assets, net” on our consolidated balance sheets.</div>(3)Included in the line entitled “interest and other income, net” on our consolidated statements of operations.

3575000

532000

109000

4216000

-1337000

-35000

60000

-35000

-1347000

2238000

497000

60000

74000

2869000

2792000

615000

75000

3482000

1774000

-43000

-29000

1702000

4566000

572000

46000

5184000

<div style="text-indent:18pt">The table below presents the amortized cost basis of our investing receivables, tenant notes receivable, and sales-type lease receivables by credit risk classification, by origination year as of June 30, 2026 (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:25.958%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.988%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.958%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.752%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.752%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.752%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.495%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Origination Year</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">2021 and Earlier</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2022</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2023</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Investing receivables</td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Credit risk classification</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Investment grade</td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">64,201 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,916 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">66,117 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Non-investment grade</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,758 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,758 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 28pt;text-align:left;vertical-align:bottom">Total </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">64,201 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,916 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,758 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">74,875 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Tenant notes receivable</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Credit risk classification</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Investment grade</td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">339 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">339 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Non-investment grade</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,148 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">285 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">17 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,450 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 28pt;text-align:left;vertical-align:bottom">Total</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,487 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">285 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">17 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,789 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Investments in sales-type leases</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Credit risk classification</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Investment grade</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,483 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">44,827 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">48,310 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

64201000

1916000

66117000

8758000

64201000

1916000

8758000

74875000

339000

1148000

285000

17000

1450000

1487000

285000

17000

1789000

3483000

44827000

48310000

Share-Based Compensation<div>Restricted Shares</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">The table below presents restricted shares activity under our share-based compensation plan for the six months ended June 30, 2026:</div><div style="margin-top:5pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:56.140%"><tr><td style="width:1.0%"></td><td style="width:56.452%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.622%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.691%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.622%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.913%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Number of Shares</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Grant Date Fair Value</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Unvested as of December 31, 2025</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">434,754 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">26.56 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Granted</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">261,556 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">31.76 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Forfeited</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(11,419)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">27.33 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Vested</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(154,294)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">25.99 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Unvested as of June 30, 2026</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">530,597 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">29.27 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">Restricted shares granted to employees generally vest based on increments and over periods of time set forth under the terms of the respective awards provided that the employee remains employed by us. Restricted shares granted to non-employee Trustees vest on the first anniversary of the grant date, provided that the Trustee remains in the position.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">The aggregate fair value of restricted shares that vested was $4.9 million for the six months ended June 30, 2026.</div><div style="text-indent:18pt"> </div><div>Profit Interest Units in CDPLP (“PIUs”)</div><div> </div><div style="text-indent:18pt">We granted two forms of PIUs: time-based PIUs (“TB-PIUs”); and performance-based PIUs (“PB-PIUs”). TB-PIUs are subject to forfeiture restrictions until the end of the requisite service period, at which time the TB-PIUs automatically convert into vested PIUs. PB-PIUs are subject to a market condition in that the number of earned awards are determined at the end of the performance period (as described further below) and then settled in vested PIUs. Vested PIUs automatically convert into common units in CDPLP if, or when, a book-up event (as defined under federal income tax regulations) has occurred and carry substantially the same rights to distributions as common units.</div><div style="text-indent:18pt"> </div><div>TB-PIUs</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">The table below presents TB-PIUs activity under our share-based compensation plan for the six months ended June 30, 2026: </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:56.140%"><tr><td style="width:1.0%"></td><td style="width:56.452%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.622%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.691%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.622%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.913%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Number of TB-PIUs</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Grant Date Fair Value</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Unvested as of December 31, 2025</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">235,903 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">26.08 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Granted</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100,583 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">31.75 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Vested</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(120,301)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">26.06 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Unvested as of June 30, 2026</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">216,185 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">28.73 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-indent:18pt">TB-PIUs granted to senior management team members vest based on increments and over periods of time set forth under the terms of the respective awards provided that the employee remains employed by us. TB-PIUs granted to non-employee Trustees vest on the first anniversary of the grant date, provided that the Trustee remains in the position. Prior to vesting, TB-PIUs carry substantially the same rights to distributions as common units but carry no redemption rights. </div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">The aggregate fair value of TB-PIUs that vested was $3.8 million for the six months ended June 30, 2026.</div><div> </div><div>Performance-Based Awards</div><div> </div><div style="text-indent:18pt">On January 1, 2026, we granted certain senior management team members performance-based equity, in the form of either PB-PIUs or performance share units (“PSUs”) as based on the election of the grant recipients. The grant recipients elected to receive, in aggregate, 324,870 PB-PIUs (equal to 200% of the target award) and 4,496 PSUs (equal to 200% of the target award). The performance-based equity awards have a three-year performance period concluding on the earlier of December 31, 2028 or the date of: (1) termination by us without cause, death, or disability of the employee, or constructive discharge of the employee (collectively, “qualified termination”); or (2) a sale event.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">The number of earned awards following the end of the performance period will be determined based on the percentile rank of COPT Defense’s total shareholder return (“TSR”) relative to a peer group of companies, as presented in the following schedule:</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:44.444%"><tr><td style="width:1.0%"></td><td style="width:35.742%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.176%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:57.782%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Percentile Rank</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Earned Award Payout %</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:top">75th or greater</td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>200% of target award</div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">50th (target)</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>100% of target award</div></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">25th</td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>50% of target award</div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Below 25th</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>0% of target award</div></td></tr></table></div><div> </div><div>If the percentile rank exceeds the 25th percentile and is between two of the percentile ranks set forth in the table above, then the percentage of the earned awards will be interpolated between the ranges set forth in the table above to reflect any performance between the listed percentiles. If COPT Defense’s TSR is negative when its TSR’s percentile rank exceeds the 50th percentile, then the earned award payout percentage used to arrive at the earned awards would be reduced by 25 percentage points, but in no event to a payout percentage of less than 100% of the target award; however, the resulting reduction in earned awards would subsequently be deemed earned awards if COPT Defense’s TSR becomes positive on any date in the calendar year following the end of the performance period. In addition, regardless of COPT Defense’s TSR relative to the peer group, no less than 100% of the target award will be earned if COPT Defense’s TSR is at least 10% and no less than 50% of the target award will be earned if COPT Defense’s TSR is at least 6%, with linear interpolation if COPT Defense’s TSR is between 6% and 10%.</div><div> </div><div style="text-indent:18pt">During the performance period, PB-PIUs carry rights to distributions equal to 10% of the distribution rights of common units, while PSUs do not carry such rights. Performance-based awards do not carry redemption or voting rights. </div><div> </div><div style="text-indent:18pt">Following the end of the performance period, we will settle the awards as follows:</div><div style="text-indent:18pt"> </div><div style="padding-left:18pt;text-indent:-18pt">•for PB-PIUs, issuing vested PIUs equal to: the number of earned awards; and the excess, if any, of (1) the aggregate distributions that would have been paid with respect to vested PIUs issued in settlement of the earned awards through the date of settlement had such vested PIUs been issued on the grant date over (2) the aggregate distributions made on the PB-PIUs through the date of settlement, divided by the price of our common shares over a defined period of time; and </div><div style="padding-left:18pt;text-indent:-18pt">•for PSUs, issuing fully-vested COPT Defense shares equal to: the number of earned awards; and the aggregate dividends that would have been paid with respect to the common shares issued in settlement of the earned awards through the date of settlement had such shares been issued on the grant date, divided by the price of our common shares over a defined period of time.</div><div style="text-indent:18pt"> </div><div>If a performance period ends due to a sale event or qualified termination, the number of earned awards is prorated based on the portion of the three-year performance period that has elapsed. If employment is terminated by the employee or by us for cause, all unvested performance-based awards are forfeited. </div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">The performance-based awards granted on January 1, 2026 had an aggregate grant date fair value of $6.4 million ($39.10 per target-level award) in the form of PB-PIUs and $89,000 ($39.52 per target-level award) in the form of PSUs, which are being recognized over the performance period. The grant date fair values were computed using Monte Carlo models that included the following assumptions: baseline common share value of $27.80; expected volatility for common shares of 23.4%; and a risk-free interest rate of 3.7%.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">For PB-PIUs granted to executives on January 1, 2023 that vested on December 31, 2025, COPT Defense’s TSR ranking relative to the peer group companies equated to an earned award payout of 200% of the target award, which resulted in our issuance of 250,070 vested PIUs in settlement of the PB-PIUs with an aggregate fair value of $7.6 million during the first quarter of 2026.</div><div>Deferred Share Awards</div>During the six months ended June 30, 2026, we issued 3,118 common shares in settlement of vested deferred share awards with a weighted average grant date fair value of $26.89 per award and an aggregate fair value on the settlement date of $99,000.

<div style="text-indent:18pt">The table below presents restricted shares activity under our share-based compensation plan for the six months ended June 30, 2026:</div><div style="margin-top:5pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:56.140%"><tr><td style="width:1.0%"></td><td style="width:56.452%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.622%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.691%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.622%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.913%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Number of Shares</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Grant Date Fair Value</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Unvested as of December 31, 2025</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">434,754 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">26.56 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Granted</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">261,556 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">31.76 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Forfeited</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(11,419)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">27.33 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Vested</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(154,294)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">25.99 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Unvested as of June 30, 2026</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">530,597 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">29.27 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-indent:18pt">The table below presents TB-PIUs activity under our share-based compensation plan for the six months ended June 30, 2026: </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:56.140%"><tr><td style="width:1.0%"></td><td style="width:56.452%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.622%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.691%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.622%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.913%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Number of TB-PIUs</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Grant Date Fair Value</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Unvested as of December 31, 2025</div></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">235,903 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">26.08 </td><td style="background-color:#ececeb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Granted</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100,583 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">31.75 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Vested</td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(120,301)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;padding:1.5pt 0;text-align:right;vertical-align:bottom">26.06 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Unvested as of June 30, 2026</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">216,185 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">28.73 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

434754

26.56

261556

31.76

11419

27.33

154294

25.99

530597

29.27

4900000

235903

26.08

100583

31.75

120301

26.06

216185

28.73

3800000

324870

4496

P3Y

<div style="text-indent:18pt">The number of earned awards following the end of the performance period will be determined based on the percentile rank of COPT Defense’s total shareholder return (“TSR”) relative to a peer group of companies, as presented in the following schedule:</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:44.444%"><tr><td style="width:1.0%"></td><td style="width:35.742%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.176%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:57.782%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Percentile Rank</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Earned Award Payout %</td></tr><tr><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:top">75th or greater</td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>200% of target award</div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">50th (target)</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>100% of target award</div></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">25th</td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>50% of target award</div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Below 25th</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>0% of target award</div></td></tr></table></div> 2 1 0.50 0 2 0.25 1 1 0.50 0.10

P3Y

6400000

39.10

89000

39.52

27.80

0.234

0.037

250070

7600000

3118

26.89 99000

Earnings Per Share (“EPS”)<div> </div><div style="text-indent:18pt">We present both basic and diluted EPS. We compute basic EPS by dividing net income available to common shareholders allocable to unrestricted common shares by the weighted average number of unrestricted common shares outstanding during the period after allocating undistributed earnings between common shareholders and participating securities under the two-class method. Our participating securities include restricted shares and PIUs and deferred share awards not previously settled by common share issuances. Our computation of diluted EPS is similar except that:</div><div style="text-indent:18pt"> </div><div style="padding-left:18pt;text-indent:-18pt">•the denominator is increased to include: (1) the weighted average number of potential additional common shares that would have been outstanding if securities that are convertible into common shares were converted; and (2) the effect of dilutive potential common shares outstanding during the period attributable to a redeemable noncontrolling interest in a joint venture and share-based compensation awards using the if-converted or treasury stock methods; and</div><div style="padding-left:18pt;text-indent:-18pt">•the numerator is adjusted to add back any changes in income that would result from the assumed conversion into common shares that we add to the denominator. </div><div> </div><div>We compute diluted EPS using the treasury stock method for unvested restricted shares, TB-PIUs, and deferred share awards and the if-converted method for exchangeable debt (including our 5.25% Notes), common units, redeemable noncontrolling interest, PB-PIUs, PSUs, and vested PIUs and deferred share awards not previously settled by common share issuances.</div><div> </div><div style="text-indent:18pt">Summaries of the numerator and denominator for purposes of basic and diluted EPS calculations are presented below (in thousands, except per share data):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.567%"><tr><td style="width:1.0%"></td><td style="width:50.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.306%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.581%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.306%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.581%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.306%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.581%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.308%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Numerator</td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top">Net income attributable to common shareholders</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">46,437 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">38,347 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">84,993 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">73,087 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">Income attributable to share-based compensation awards for basic EPS</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(219)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(157)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(409)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(323)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">Numerator for basic EPS on net income attributable to common shareholders</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">46,218 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">38,190 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">84,584 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">72,764 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">Adjustment to income attributable to share-based compensation awards for diluted EPS</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">36 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">45 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">66 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">94 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Numerator for diluted EPS on net income attributable to common shareholders</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">46,254 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">38,235 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">84,650 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">72,858 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Denominator (all weighted averages)</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top">Denominator for basic EPS (common shares)</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">112,871 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">112,459 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">112,839 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">112,421 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top">Dilutive effect of share-based compensation awards</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">938 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">765 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">984 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">744 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top">Dilutive exchangeable debt</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,087 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">763 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Denominator for diluted EPS (common shares) </td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">114,896 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">113,224 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">114,586 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">113,165 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Basic EPS attributable to common shareholders</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.41 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.34 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.75 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.65 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Diluted EPS attributable to common shareholders</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.40 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.34 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.74 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.64 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div>Our diluted EPS computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPS for the respective periods (in thousands):<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.421%"><tr><td style="width:1.0%"></td><td style="width:51.012%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.324%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.425%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.324%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.324%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.327%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-bottom:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Shares Excluded from Denominator</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Conversion of common units</td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,231 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,177 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,147 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,113 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Conversion of redeemable noncontrolling interest</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">724 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">826 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">759 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">850 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div>The following securities were also excluded from the computation of diluted EPS because their effect was antidilutive:</div><div style="padding-left:18pt"> </div><div style="padding-left:18pt;text-indent:-18pt">•weighted average restricted shares and deferred share awards of 578,000 and 448,000 for the three months ended June 30, 2026 and 2025, respectively, and 549,000 and 420,000 for the six months ended June 30, 2026 and 2025, respectively; and</div><div style="padding-left:18pt;text-indent:-18pt">•weighted average TB-PIUs of 216,000 and 235,000 for the three months ended June 30, 2026 and 2025, respectively, and 222,000 and 231,000 for the six months ended June 30, 2026 and 2025, respectively.</div><div> </div><div style="text-indent:18pt">Our 5.25% Notes issued in 2023 have an exchange settlement feature under which the principal amount of notes exchanged is payable in cash, with the remainder of the exchange obligation, if any, determined based on the exchange price per common share at the time of settlement, payable in cash, common shares, or a combination thereof at our election. Although we retain the option to pay the value in excess of the principal amount in cash, common shares, or a combination thereof, GAAP requires for diluted EPS reporting purposes that we assume such excess value is fully paid in the form of common shares for periods in which the weighted average closing price of our common shares is higher than the exchange price applicable to such periods. This resulted in us reporting an additional 1.1 million and 763,000 shares in the denominator for diluted EPS for the three and six months ended June 30, 2026, respectively.</div>

0.0525

<div style="text-indent:18pt">Summaries of the numerator and denominator for purposes of basic and diluted EPS calculations are presented below (in thousands, except per share data):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.567%"><tr><td style="width:1.0%"></td><td style="width:50.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.306%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.581%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.306%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.581%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.306%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.581%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.308%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Numerator</td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top">Net income attributable to common shareholders</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">46,437 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">38,347 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">84,993 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">73,087 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">Income attributable to share-based compensation awards for basic EPS</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(219)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(157)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(409)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(323)</td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">Numerator for basic EPS on net income attributable to common shareholders</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">46,218 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">38,190 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">84,584 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">72,764 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 16pt;text-align:left;text-indent:-9pt;vertical-align:top">Adjustment to income attributable to share-based compensation awards for diluted EPS</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">36 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">45 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">66 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">94 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:top">Numerator for diluted EPS on net income attributable to common shareholders</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">46,254 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">38,235 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">84,650 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">72,858 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Denominator (all weighted averages)</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top">Denominator for basic EPS (common shares)</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">112,871 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">112,459 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">112,839 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">112,421 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top">Dilutive effect of share-based compensation awards</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">938 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">765 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">984 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">744 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top">Dilutive exchangeable debt</td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,087 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">763 </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ececeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Denominator for diluted EPS (common shares) </td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">114,896 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">113,224 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">114,586 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">113,165 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ececeb;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Basic EPS attributable to common shareholders</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.41 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.34 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.75 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.65 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Diluted EPS attributable to common shareholders</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.40 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.34 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.74 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.64 </td><td style="background-color:#ececeb;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

46437000 38347000 84993000 73087000

219000

157000

409000

323000

46218000

38190000

84584000

72764000

36000

45000

66000

94000

46254000

38235000

84650000

72858000

112871000

112459000

112839000

112421000

938000

765000

984000

744000

1087000

763000

114896000

113224000

114586000

113165000

0.41

0.34

0.75

0.65

0.40

0.34

0.74

0.64

<div>Our diluted EPS computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPS for the respective periods (in thousands):<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.421%"><tr><td style="width:1.0%"></td><td style="width:51.012%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.324%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.425%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.324%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.324%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.327%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-bottom:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Shares Excluded from Denominator</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Three Months Ended June 30,</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">For the Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ececeb;padding:1.5pt 1pt;text-align:left;vertical-align:top">Conversion of common units</td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,231 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,177 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,147 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ececeb;padding:0 1pt"></td><td colspan="2" style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,113 </td><td style="background-color:#ececeb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Conversion of redeemable noncontrolling interest</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">724 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">826 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">759 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">850 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

2231000

2177000

2147000

2113000

724000

826000

759000

850000

578000

448000

549000

420000

216000

235000

222000

231000

0.0525

1100000

763000

Commitments and Contingencies<div> </div><div>Litigation and Claims</div><div> </div><div style="text-indent:18pt">In the normal course of business, we are subject to legal actions and other claims. We record losses for specific legal proceedings and claims when we determine that a loss is probable and the amount of loss can be reasonably estimated. As of June 30, 2026, management believes that it is reasonably possible that we could recognize a loss of up to $5.5 million for certain municipal tax claims; while we do not believe this loss would materially affect our financial position or liquidity, it could be material to our results of operations. Management believes that it is also reasonably possible that we could incur losses pursuant to other claims but do not believe such losses would materially affect our financial position, liquidity, or results of operations. Our assessment of the potential outcomes of these matters involves significant judgment and is subject to change based on future developments.</div><div> </div><div>Environmental</div><div> </div><div style="text-indent:18pt">We are subject to various federal, state and local environmental regulations related to our property ownership and operations. We have performed environmental assessments of our properties, the results of which have not revealed any environmental liability that we believe would have a materially adverse effect on our financial position, operations, or liquidity.</div><div style="text-indent:18pt"> </div><div style="text-indent:18pt">In connection with a lease and subsequent sale in prior periods of three properties in Dayton, New Jersey, we agreed to provide certain environmental indemnifications limited to $19 million in the aggregate. We have insurance coverage in place to mitigate most of any potential future losses that may result from these indemnification agreements.</div><div style="text-align:center"> </div><div>Tax Incremental Financing Obligation</div><div> </div><div style="text-indent:18pt">Anne Arundel County, Maryland issued tax incremental financing bonds to third-party investors in order to finance public improvements needed in connection with our project known as the National Business Park. These bonds had a remaining principal balance of approximately $23 million as of June 30, 2026. The real estate taxes on increases in assessed values post-bond issuance of properties in development districts encompassing the National Business Park are transferred to a special fund pledged to the repayment of the bonds. While we are obligated to fund, through a special tax, any future shortfalls between debt service of the bonds and real estate taxes available to repay the bonds, as of June 30, 2026, we do not expect any such future fundings will be required.</div>

5500000

3 19000000

23000000

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