COLUMBIA, Md. -- (Business Wire)

It is with great sadness that COPT Defense Properties (NYSE: CDP) (“COPT Defense” or the “Company”) announces the passing of its former CEO and Trustee, Roger A. Waesche, Jr.

Mr. Waesche spent over 30 years at the Company and, throughout his remarkable career, served in a number of capacities including CFO, COO, and as CEO from 2011 until his retirement in 2016. Most notably, he was the initial architect of the Strategic Reallocation Program announced in 2011, which commenced the successful transformational repositioning of the portfolio and balance sheet by deeply concentrating the Company’s investments in the Defense/IT Portfolio, while recycling out of commodity suburban office product. The results of this effort improved the Company’s financial strength by reducing leverage and obtaining an investment grade credit rating.

“Those of us who worked alongside and learned from Roger are deeply saddened by his passing,” said Stephen E. Budorick, COPT Defense’s President & CEO. “His keen intellect and deeply thoughtful approach to every circumstance contributed not only to the Company’s transformation, but the development of a team that he led, which now serves as one of his lasting legacies. He demonstrated and exemplified every day what it is to be a true gentleman. He was a great colleague, mentor and personal friend who will be sorely missed.”

Mr. Waesche, born and raised in Baltimore County, earned a Bachelor of Arts Degree in Accounting and a Masters in Business Administration in Finance from Loyola University. He started his career as a practicing CPA with Coopers & Lybrand. In December 1984, he joined the Company’s predecessor entity, and served in various capacities, and was instrumental in taking the Company public in 1998. He served as CFO between 1999 through 2006, served as COO between 2006 through 2011, and served as CEO between 2011 through 2016.

Mr. Waesche was a member of the Maryland Industrial Development Finance Authority, a board member of the Economic Alliance of Greater Baltimore, the Greater Baltimore Committee and a member of the Board of Sponsors of the Sellinger School of Business and Management at Loyola University Maryland.

About COPT Defense

COPT Defense, an S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions (referred to as its Defense/IT Portfolio). The Company’s tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. As of September 30, 2025, the Company’s Defense/IT Portfolio of 198 properties, including 24 owned through unconsolidated joint ventures, encompassed 22.6 million square feet and was 97.0% leased.

Forward-Looking Information

This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements and the Company undertakes no obligation to update or supplement any forward-looking statements.

The areas of risk that may affect these expectations, estimates and projections include, but are not limited to, those risks described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Source: COPT Defense Properties

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Contacts:

IR Contacts:
Venkat Kommineni, CFA
443.285.5587
venkat.kommineni@copt.com

Michelle Layne
443.285.5452
michelle.layne@copt.com

Source: COPT Defense Properties