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CDPCOPT Defense Properties
$33.52$3.8B
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CDP logoCOPT Defense Properties(CDP)Earnings, Financials & Key Ratios

CDP•NYSE•REIT / Real Estate
24.8× P/E·Price updated Jun 17, 2026
SectorReal EstateIndustryOffice REITsSub-IndustrySingle-Tenant and Government Office REITs
AboutCOPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties. The majority of its portfolio is in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (IT) related activities servicing what the Company believes are growing, durable, priority missions (Defense/IT Locations). The Company also owns a portfolio of office properties located in select urban submarkets in the Greater Washington, DC/Baltimore region with durable Class-A office fundamentals and characteristics (Regional Office Properties). As of June 30, 2023, the Company derived 90% of its core portfolio annualized rental revenue from Defense/IT Locations and 10% from its Regional Office Properties. As of the same date and including 24 properties owned through unconsolidated joint ventures, COPT's core portfolio of 192 properties encompassed 22.9 million square feet and was 95% leased.Show more
  • Revenue$764M+1.4%
  • FFO$314M+6.5%
  • FFO/Share2.77+6.1%
  • FFO Payout43.48%+10870650.0%
  • FFO per Share2.77+6.1%
  • NOI Margin15.43%-55.4%
  • FFO Margin41.12%+5.0%
  • ROE9.68%+8.2%
  • ROA3.4%+4.1%

CDP Key Insights

COPT Defense Properties (CDP) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓FFO growing 8.2% TTM
  • ✓Sustainable FFO payout ratio of 43.5%
  • ✓Healthy dividend yield of 3.6%
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Weak 3Y average ROE of 4.7%
  • ✗Low NOI margin of 15.4%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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CDP Price & Volume

COPT Defense Properties (CDP) stock price & volume — 10-year historical chart

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CDP Growth Metrics

COPT Defense Properties (CDP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.02%
5 Years5.51%
3 Years1.11%
TTM3.86%

Profit CAGR

10 Years-1.56%
5 Years9.36%
3 Years-4.16%
TTM10.68%

EPS CAGR

10 Years-2.58%
5 Years9.02%
3 Years-4.32%
TTM10.4%

Return on Capital

10 Years4.73%
5 Years4.99%
3 Years5.29%
Last Year5.6%

CDP Recent Earnings

COPT Defense Properties (CDP) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 11/12 qtrs (92%)
Q2 2026Latest
Apr 27, 2026
Metric
Actual
Est
EPS
$0.69+108.6%
$0.33
Rev
$193M+4.3%
$185M
Q1 2026
Feb 5, 2026
Metric
Actual
Est
EPS
$0.70+112.1%
$0.33
Rev
$185M+2.8%
$180M
Q4 2025
Oct 30, 2025
Metric
Actual
Est
EPS
$0.69+1.5%
$0.68
Rev
$189M+0.0%
$189M
Q3 2025
Jul 28, 2025
Metric
Actual
Est
EPS
$0.68+1.5%
$0.67
Rev
$190M+0.8%
$188M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 27, 2026
$0.69vs $0.33+108.6%
$193Mvs $185M+4.3%
Q1 2026Feb 5, 2026
$0.70vs $0.33+112.1%
$185Mvs $180M+2.8%
Q4 2025Oct 30, 2025
$0.69vs $0.68+1.5%
$189Mvs $189M+0.0%
Q3 2025Jul 28, 2025
$0.68vs $0.67+1.5%
$190Mvs $188M+0.8%
Based on last 12 quarters of dataView full earnings history →

CDP Peer Comparison

COPT Defense Properties (CDP) competitors in Single-Tenant and Government Office REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
DEA logoDEAEasterly Government Properties, Inc.Direct Competitor1.07B22.9979.2811.27%4.27%1.07%1.23
GMRE logoGMREGlobal Medical REIT Inc.Direct Competitor94.26M35.74115.297.08%-8.18%-2.31%
PDM logoPDMPiedmont Office Realty Trust, Inc.Direct Competitor1.09B8.73-13.03-0.93%-20.46%-5.7%1.52
HIW logoHIWHighwoods Properties, Inc.Direct Competitor3.16B28.6219.74-2.39%11.4%3.76%1.49
BXP logoBXPBXP, Inc.Product Competitor10.01B63.0636.242.19%7.95%3.58%2.26
VNO logoVNOVornado Realty TrustProduct Competitor6.86B36.468.681.27%43.99%11.77%1.16
SLG logoSLGSL Green Realty Corp.Product Competitor3.53B48.90-41.4441.96%-15.25%-3.47%1.83
KRC logoKRCKilroy Realty CorporationProduct Competitor4.28B36.1515.58-2.02%24.81%4.91%0.86

Compare CDP vs Peers

COPT Defense Properties (CDP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs DEA

Most directly comparable listed peer for CDP.

Scale Benchmark

vs RTX

Larger-name benchmark to compare CDP against a more recognizable public peer.

Peer Set

Compare Top 5

vs DEA, GMRE, PDM, HIW

CDP Income Statement

COPT Defense Properties (CDP) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
612.77M578.11M611.82M584.18M664.45M739.03M684.98M753.27M763.92M776.7M
Revenue Growth %
6.65%-5.66%5.83%-4.52%13.74%11.22%-7.31%9.97%1.41%3.86%
Property Operating Expenses
422.99M394.59M420.42M258.41M454.97M518.62M453.75M492.91M646.07M528.86M
Net Operating Income (NOI)
189.79M▲ 0%
183.52M▼ 3.3%
191.4M▲ 4.3%
325.77M▲ 70.2%
209.47M▼ 35.7%
220.41M▲ 5.2%
231.23M▲ 4.9%
260.36M▲ 12.6%
117.85M▼ 54.7%
247.84M▲ 0%
NOI Margin %
30.97%31.75%31.28%55.77%31.53%29.82%33.76%34.56%15.43%31.91%
Operating Expenses
37.05M34.74M39.97M35.81M40.77M38.99M42.77M47.04M-112.52M13.68M
G&A Expenses
37.05M34.74M39.64M37.47M40.77M38.99M42.77M47.04M32.78M38.82M
EBITDA
270.73M283.59M290.33M429.99M319.34M325.01M337.49M369.34M392.19M399.32M
EBITDA Margin %
44.18%49.05%47.45%73.61%48.06%43.98%49.27%49.03%51.34%51.41%
Depreciation & Amortization
136.5M139.06M138.9M140.03M150.64M143.59M149.03M156.01M161.83M165.15M
D&A / Revenue %
22.28%24.05%22.7%23.97%22.67%19.43%21.76%20.71%21.18%21.26%
Operating Income
134.23M▲ 0%
144.53M▲ 7.7%
151.43M▲ 4.8%
289.96M▲ 91.5%
168.7M▼ 41.8%
181.42M▲ 7.5%
188.46M▲ 3.9%
213.32M▲ 13.2%
230.37M▲ 8.0%
234.16M▲ 0%
Operating Margin %
21.9%25%24.75%49.63%25.39%24.55%27.51%28.32%30.16%30.15%
Interest Expense
76.98M75.39M71.05M67.94M65.4M61.17M72.46M83.77M88.15M4M
Interest Coverage
1.99x2.04x3.75x2.41x2.20x3.45x0.02x2.55x2.80x-
Non-Operating Income
-17.18M-9.14M-114.76M126.5M24.94M-29.45M187.18M0-16.77M-13.52M
Pretax Income
76.04M▲ 0%
78.28M▲ 2.9%
195.14M▲ 149.3%
100.95M▼ 48.3%
78.36M▼ 22.4%
149.7M▲ 91.0%
-73.76M▼ 149.3%
144.23M▲ 295.5%
160.48M▲ 11.3%
167.4M▲ 0%
Pretax Margin %
12.41%13.54%31.89%17.28%11.79%20.26%-10.77%19.15%21.01%21.55%
Income Tax
1.1M147.69M-217K353K145K447K588K288K947K968K
Effective Tax Rate %
1.44%188.67%-0.11%0.35%0.19%0.3%-0.8%0.2%0.59%0.58%
Net Income
68.75M▲ 0%
72.3M▲ 5.2%
191.69M▲ 165.1%
97.37M▼ 49.2%
76.54M▼ 21.4%
173.03M▲ 126.1%
-73.47M▼ 142.5%
138.93M▲ 289.1%
152.31M▲ 9.6%
156.13M▲ 0%
Net Margin %
11.22%12.51%31.33%16.67%11.52%23.41%-10.73%18.44%19.94%20.1%
Net Income Growth %
128.75%5.17%165.13%-49.2%-21.39%126.06%-142.46%289.1%9.64%10.68%
Funds From Operations (FFO)
205.25M▲ 0%
211.36M▲ 3.0%
330.6M▲ 56.4%
237.41M▼ 28.2%
227.19M▼ 4.3%
316.62M▲ 39.4%
75.56M▼ 76.1%
294.94M▲ 290.4%
314.14M▲ 6.5%
321.28M▲ 0%
FFO Margin %
33.49%36.56%54.03%40.64%34.19%42.84%11.03%39.16%41.12%41.36%
FFO Growth %
24.45%2.98%56.41%-28.19%-4.3%39.37%-76.14%290.36%6.51%32.89%
FFO per Share
2.062.032.962.122.022.810.672.612.772.83
FFO Payout Ratio %
53.19%54.07%37.1%51.96%54.37%39.05%168.32%0%43.48%32.16%
EPS (Diluted)
0.69▲ 0%
0.69▲ 0.0%
1.71▲ 147.8%
0.87▼ 49.1%
0.68▼ 21.8%
1.53▲ 125.0%
-0.65▼ 142.5%
1.23▲ 289.2%
1.34▲ 8.9%
1.37▲ 0%
EPS Growth %
2369.74%0%147.83%-49.12%-21.84%125%-142.48%289.23%8.94%10.4%
EPS (Basic)
0.690.661.720.870.681.54-0.651.231.35-
Diluted Shares Outstanding
99.42M104.13M111.62M112.08M112.42M112.62M112.18M112.9M113.3M113.58M

CDP Balance Sheet

COPT Defense Properties (CDP) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
3.6B3.66B3.85B4.08B4.26B4.26B4.25B4.25B4.7B4.46B
Asset Growth %
-4.91%1.69%5.43%5.77%4.55%-0.12%-0.24%0.17%10.52%19.8%
Real Estate & Other Assets
-338.69M-296.78M72.03M70.88M3.68B3.66B3.64B3.76B3.93B0
PP&E (Net)
5.26M8.63M3.42B3.45B50.2M37.02M41.3M55.76M50.38M0
Investment Securities
1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Total Current Assets
284.7M240.28M279.35M498.34M465.89M523.3M529.55M393.26M684.16M0
Cash & Equivalents
12.26M8.07M14.73M18.37M13.26M12.34M167.82M38.28M274.99M0
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Other Current Assets
44.8M3.88M95.75M293.93M196.75M232.19M84.59M81.63M103.22M0
Intangible Assets
59.09M43.47M27.39M19.25M14.57M9.96M6.85M10.7M00
Total Liabilities
2.1B2B2.11B2.36B2.58B2.51B2.7B2.69B3.11B2.87B
Total Debt
1.84B1.82B1.87B2.13B2.3B2.26B2.45B2.44B2.81B0
Net Debt
56.04M22.72M1.86B2.11B2.29B2.25B2.28B2.4B2.54B0
Long-Term Debt
1.7B1.61B1.65B1.94B2.2B2.02B2.34B2.32B2.62B0
Short-Term Borrowings
126M213M177M143M76M211M75M75M150M0
Capital Lease Obligations
15.85M017.32M30.75M29.34M28.76M33.93M49.24M45.01M139.3M
Total Current Liabilities
300.39M375.92M397.99M361.2M335.1M441.42M305.42M313.25M418.03M0
Accounts Payable
108.14M92.86M148.75M142.72M186.2M158M133.31M126.03M147.2M0
Deferred Revenue
37.33M39.2M40.98M44.26M41.6M41.02M64.46M78.31M85.63M0
Other Liabilities
59.55M-14.21M2.71M-11.41M17.73M18.56M19M14.38M33.24M0
Total Equity
1.49B▲ 0%
1.65B▲ 10.9%
1.75B▲ 5.8%
1.72B▼ 1.7%
1.68B▼ 2.0%
1.75B▲ 3.8%
1.55B▼ 11.5%
1.56B▲ 0.9%
1.59B▲ 1.7%
1.59B▲ 0%
Equity Growth %
-7.8%10.85%5.77%-1.69%-2.05%3.79%-11.47%0.86%1.74%6.22%
Shareholders Equity
1.4B1.59B1.68B1.66B1.62B1.68B1.48B1.49B1.51B1.57B
Minority Interest
1.83B1.82B69.72M58.11M61.23M65.94M63.42M67.48M72.9M25.13M
Common Stock
1.01M1.1M1.12M1.12M1.12M1.12M1.13M1.13M1.13M0
Additional Paid-in Capital
2.2B2.43B2.48B2.48B2.48B2.49B2.49B2.49B2.5B0
Retained Earnings
-802.09M-846.81M00-856.86M-807.51M-1.01B-1B-988.96M0
Preferred Stock
0000000000
Return on Assets (ROA)
1.86%1.99%5.1%2.46%1.84%4.06%-1.73%3.27%3.4%3.51%
Return on Equity (ROE)
4.42%4.6%11.27%5.62%4.5%10.08%-4.46%8.94%9.68%9.87%
Debt / Assets
51.3%49.89%48.64%52.18%54%53.1%57.69%57.38%59.82%0%
Debt / Equity
1.24x1.10x1.07x1.24x1.37x1.29x1.58x1.56x1.77x0.00x
Net Debt / EBITDA
0.21x0.08x6.41x4.90x7.17x6.92x6.76x6.51x6.47x0.00x
Book Value per Share
15.0015.8815.6715.3414.9815.5213.7913.8214.0114.01

CDP Cash Flow Statement

COPT Defense Properties (CDP) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
230.12M180.48M228.56M238.42M249.15M265.82M276.27M330.95M334.93M262.86M
Operating CF Growth %
-1.19%-21.57%26.64%4.32%4.5%6.69%3.93%19.79%1.2%-83.64%
Operating CF / Revenue %
37.55%31.22%37.36%40.81%37.5%35.97%40.33%43.94%43.84%33.84%
Net Income
74.94M78.64M200M102.88M81.58M178.82M-73.47M138.93M152.31M156.13M
Depreciation & Amortization
134.23M137.12M138.9M140.03M150.64M143.59M151.4M156.01M161.9M165.3M
Stock-Based Compensation
5.62M6.38M6.71M6.5M7.98M8.79M8.54M10.44M0-1.7M
Other Non-Cash Items
2.67M-3.93M-6.47M-3.34M-18.91M-4.48M219.97M22.69M47.17M-39.73M
Working Capital Changes
10.4M-39.67M-5.69M-7.64M-7.18M-13.7M-7.98M2.88M-26.45M-22.44M
Cash from Investing
-89.36M-232.92M-138.01M-325.79M-202.97M-83.46M-169.62M-291.01M-314.74M-245.2M
Acquisitions (Net)
00201.5M59.84M160.69M21.79M0000
Purchase of Investments
-200.5M-160.09M-405.62M0-273.79M-302.86M00-218.56M-37.6M
Sale of Investments
180.84M0108.13M0143.12M281.07M005M0
Other Investing
1.17M-4.52M-17.36M-352.88M-202.97M-47.08M-149.12M-259.67M-1.47M-183.47M
Cash from Financing
-338.55M49.55M-84.36M91.27M-50.9M-183.18M46.26M-169.67M216.54M232.72M
Dividends Paid
-118.48M-114.29M-122.66M-123.37M-123.53M-123.64M-127.18M-131.84M-136.6M-103.32M
Common Dividends
-109.17M-114.29M-122.66M-123.37M-123.53M-123.64M-127.18M-1.18K-136.6M-103.32M
Debt Issuance (Net)
-1000K-1000K1000K1000K1000K-1000K1000K-1000K1000K3M
Share Repurchases
-1.97M000000000
Other Financing
-10.48M-19.01M-11.35M-21.57M-10.18M-9.69M-7.98M-7.85M-8.01M-5.57M
Net Change in Cash
-197.6M▲ 0%
-4.2M▲ 97.9%
6.18M▲ 247.3%
3.9M▼ 36.8%
-4.72M▼ 220.9%
-807K▲ 82.9%
152.91M▲ 19048.6%
-129.73M▼ 184.8%
236.73M▲ 282.5%
251.38M▲ 0%
Exchange Rate Effect
000000000992K
Cash at Beginning
209.86M12.26M11.95M18.13M22.03M17.32M16.51M169.42M39.7M0
Cash at End
12.26M8.07M18.13M22.03M17.32M16.51M169.42M39.7M276.43M0
Free Cash Flow
159.25M▲ 0%
112.18M▼ 29.6%
203.9M▲ 81.8%
205.67M▲ 0.9%
219.12M▲ 6.5%
229.45M▲ 4.7%
255.77M▲ 11.5%
299.61M▲ 17.1%
253.68M▼ 15.3%
215.18M▲ 0%
FCF Growth %
-1.69%-29.56%81.77%0.87%6.54%4.71%11.47%17.14%-15.33%-21.11%
FCF / Revenue %
25.99%19.4%33.33%35.21%32.98%31.05%37.34%39.78%33.21%27.7%

CDP Key Ratios

COPT Defense Properties (CDP) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share
2.062.032.962.122.022.810.672.612.772.83
FFO Payout Ratio
53.19%54.07%37.1%51.96%54.37%39.05%168.32%0%43.48%32.16%
NOI Margin
30.97%31.75%31.28%55.77%31.53%29.82%33.76%34.56%15.43%31.91%
Net Debt / EBITDA
0.21x0.08x6.41x4.90x7.17x6.92x6.76x6.51x6.47x0.00x
Debt / Assets
51.3%49.89%48.64%52.18%54%53.1%57.69%57.38%59.82%0%
Interest Coverage
1.99x2.04x3.75x2.41x2.20x3.45x0.02x2.55x2.80x-
Book Value / Share
1515.8815.6715.3414.9815.5213.7913.8214.0114.01
Revenue Growth
6.65%-5.66%5.83%-4.52%13.74%11.22%-7.31%9.97%1.41%3.86%
Related:CDP Dividend History·CDP Revenue History·CDP Price History·CDP P/E History·CDP Financial Ratios·CDP Institutional Holders

CDP SEC Filings & Documents

COPT Defense Properties (CDP) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 27, 2026·SEC

Material company update

Feb 5, 2026·SEC

Material company update

Feb 4, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 20, 2026·SEC

FY 2025

Feb 21, 2025·SEC

10-Q Quarterly Reports

5
FY 2025

Nov 4, 2025·SEC

FY 2025

Jul 31, 2025·SEC

FY 2025

May 1, 2025·SEC

CDP Frequently Asked Questions

COPT Defense Properties (CDP) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

COPT Defense Properties (CDP) reported $776.7M in revenue for fiscal year 2025. This represents a 30968% increase from $2.5M in 1996.

COPT Defense Properties (CDP) grew revenue by 1.4% over the past year. Growth has been modest.

Yes, COPT Defense Properties (CDP) is profitable, generating $156.1M in net income for fiscal year 2025 (19.9% net margin).

Dividend & Returns

Yes, COPT Defense Properties (CDP) pays a dividend with a yield of 3.63%. This makes it attractive for income-focused investors.

COPT Defense Properties (CDP) has a return on equity (ROE) of 9.7%. This is below average, suggesting room for improvement.

Industry Metrics

COPT Defense Properties (CDP) generated Funds From Operations (FFO) of $321.3M in the trailing twelve months. FFO is the primary profitability metric for REITs.

COPT Defense Properties (CDP) offers a 3.63% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in CDP back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

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How much would $100/month in CDP be worth today?

Dollar cost averaging calculator · DCA vs lump sum

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