COPT Defense Properties (CDP) 10-Year Financial Performance & Capital Metrics

CDP • • REIT / Real Estate

Real EstateOffice REITsGovernment & Mission-Critical Office REITsDefense & IT Contractor Focus

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 $753M +10.0%
FFO $295M +278.5%
FFO/Share 2.61 +276.1%
FFO Payout 0% -100.0%
FFO per Share 2.61 +276.1%
NOI Margin 34.56% +2.4%
FFO Margin 39.16% +244.2%
ROE 8.94% +300.5%
ROA 3.27% +289.2%
Debt/Assets 57.38% -0.5%
Net Debt/EBITDA 6.51 -3.1%
Book Value/Share 13.82 +0.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FFO growing 6.7% TTM
✓Sustainable FFO payout ratio of 0.0%
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 4.9%
✗Low NOI margin of 34.6%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.53%

5Y4.25%

3Y4.27%

TTM0.06%

Profit (Net Income) CAGR

10Y13.19%

5Y-6.24%

3Y21.98%

TTM9.08%

EPS CAGR

10Y17.27%

5Y-6.38%

3Y21.84%

TTM9.02%

ROCE

10Y Avg4.43%

5Y Avg5.38%

3Y Avg4.99%

Latest5.41%

Peer Comparison

Defense & IT Contractor Focus

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CDPCOPT Defense Properties	3.42B	30.19	24.54	9.97%	19.99%	9.49%	8.77%	1.56

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	625.27M	574.56M	612.77M	578.11M	611.82M	584.18M	664.45M	739.03M	684.98M	753.27M
Revenue Growth %	0.07%	-0.08%	0.07%	-0.06%	0.06%	-0.05%	0.14%	0.11%	-0.07%	0.1%
Property Operating Expenses	435.39M	374.09M	422.99M	394.59M	420.42M	258.41M	454.97M	518.62M	453.75M	492.91M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	68.16M	146.19M	37.05M	34.74M	39.97M	35.81M	40.77M	38.99M	42.77M	47.04M
G&A Expenses	40.77M	38.34M	37.05M	34.74M	39.64M	37.47M	40.77M	38.99M	42.77M	47.04M
EBITDA+	260.12M	187.28M	270.73M	283.59M	290.33M	429.99M	319.34M	325.01M	339.86M	369.34M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	140.03M	134.87M	136.5M	139.06M	138.9M	140.03M	150.64M	143.59M	151.4M	156.01M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	120.09M	52.41M	134.23M	144.53M	151.43M	289.96M	168.7M	181.42M	188.46M	213.32M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	84.61M	78.59M	76.98M	75.39M	71.05M	67.94M	65.4M	61.17M	72.46M	83.77M
Interest Coverage	1.42x	0.67x	1.74x	1.92x	2.13x	4.27x	2.58x	2.97x	2.60x	2.55x
Non-Operating Income	0	79.8M	-17.18M	-9.14M	-114.76M	126.5M	24.94M	-29.45M	0	0
Pretax Income+	172.96M	11.33M	76.04M	78.28M	195.14M	100.95M	78.36M	149.7M	-73.76M	144.23M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	199K	244K	1.1M	147.69M	-217K	353K	145K	447K	588K	288K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	178.3M	30.05M	68.75M	72.3M	191.69M	97.37M	76.54M	173.03M	-73.47M	138.93M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	3.43%	-0.83%	1.29%	0.05%	1.65%	-0.49%	-0.21%	1.26%	-1.42%	2.89%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.92%	-0.48%	0.24%	0.03%	0.56%	-0.28%	-0.04%	0.39%	-0.75%	2.78%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.74	-0.03	0.69	0.69	1.71	0.87	0.68	1.28	-0.65	1.23
EPS Growth %	5.96%	-1.02%	23.7%	0%	1.48%	-0.49%	-0.22%	0.88%	-1.51%	2.89%
EPS (Basic)	1.75	-0.03	0.69	0.66	1.72	0.87	0.68	1.29	-0.65	1.23
Diluted Shares Outstanding	97.67M	94.5M	99.42M	104.13M	111.62M	112.08M	112.42M	112.62M	112.18M	112.9M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	3.91B	3.78B	3.6B	3.66B	3.85B	4.08B	4.26B	4.26B	4.25B	4.25B
Asset Growth %	0.07%	-0.03%	-0.05%	0.02%	0.05%	0.06%	0.05%	-0%	-0%	0%
Real Estate & Other Assets+	3.4B	-579M	-338.69M	-296.78M	72.03M	70.88M	3.68B	3.66B	3.64B	3.76B
PP&E (Net)	6M	5.2M	5.26M	8.63M	3.42B	3.45B	50.2M	37.02M	41.3M	55.76M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	384.79M	542.86M	284.7M	240.28M	279.35M	498.34M	465.89M	523.3M	529.55M	393.26M
Cash & Equivalents	60.31M	209.86M	12.26M	8.07M	14.73M	18.37M	13.26M	12.34M	167.82M	38.28M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	175.44M	102.85M	44.8M	3.88M	95.75M	293.93M	196.75M	232.19M	84.59M	81.63M
Intangible Assets	98.34M	78.35M	59.09M	43.47M	27.39M	19.25M	14.57M	9.96M	6.85M	10.7M
Total Liabilities	2.27B	2.16B	2.1B	2B	2.11B	2.36B	2.58B	2.51B	2.7B	2.69B
Total Debt+	2.08B	1.9B	1.84B	1.82B	1.87B	2.13B	2.3B	2.26B	2.45B	2.44B
Net Debt	2.02B	-88.95M	56.04M	22.72M	1.86B	2.11B	2.29B	2.25B	2.28B	2.4B
Long-Term Debt	2.03B	1.9B	1.83B	1.83B	1.86B	2.1B	2.2B	2.02B	2.34B	2.32B
Short-Term Borrowings	1000K	0	0	0	0	0	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	172.5M	15.85M	0	18.02M	30.77M	29.34M	28.76M	33.93M	49.24M
Total Current Liabilities+	122.23M	182.48M	300.39M	375.92M	181.78M	173.95M	335.1M	441.42M	305.42M	313.25M
Accounts Payable	91.75M	108.68M	108.14M	92.86M	148.75M	142.72M	186.2M	158M	133.31M	126.03M
Deferred Revenue	56.91M	42.46M	37.33M	39.2M	0	0	41.6M	41.02M	64.46M	78.31M
Other Liabilities	0	46.96M	0	-14.21M	50.93M	56.72M	17.73M	18.56M	151.63M	14.38M
Total Equity+	1.64B	1.62B	1.49B	1.65B	1.75B	1.72B	1.68B	1.75B	1.55B	1.56B
Equity Growth %	0.06%	-0.01%	-0.08%	0.11%	0.06%	-0.02%	-0.02%	0.04%	-0.11%	0.01%
Shareholders Equity	1.54B	1.52B	1.4B	1.59B	1.68B	1.66B	1.62B	1.68B	1.48B	1.49B
Minority Interest	91.26M	1.69B	1.83B	1.82B	69.72M	58.11M	61.23M	65.94M	63.42M	67.48M
Common Stock	945K	985K	1.01M	1.1M	1.12M	1.12M	1.12M	1.12M	1.13M	1.13M
Additional Paid-in Capital	2B	2.12B	2.2B	2.43B	2.48B	2.48B	2.48B	2.49B	2.49B	2.49B
Retained Earnings	-657.17M	-765.28M	-802.09M	-846.81M	0	0	-856.86M	-807.51M	-1.01B	-1B
Preferred Stock	199.08M	172.5M	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.05%	0.01%	0.02%	0.02%	0.05%	0.02%	0.02%	0.04%	-0.02%	0.03%
Return on Equity (ROE)	0.11%	0.02%	0.04%	0.05%	0.11%	0.06%	0.04%	0.1%	-0.04%	0.09%
Debt / Assets	0.53%	0.5%	0.51%	0.5%	0.49%	0.52%	0.54%	0.53%	0.58%	0.57%
Debt / Equity	1.27x	1.18x	1.24x	1.10x	1.07x	1.24x	1.37x	1.29x	1.58x	1.56x
Net Debt / EBITDA	7.76x	-0.47x	0.21x	0.08x	6.41x	4.90x	7.17x	6.92x	6.72x	6.51x
Book Value per Share	16.75	17.12	15.00	15.88	15.67	15.34	14.98	15.52	13.79	13.82

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	204.13M	232.9M	230.12M	180.48M	228.56M	238.42M	249.15M	265.82M	276.27M	330.95M
Operating CF Growth %	0.05%	0.14%	-0.01%	-0.22%	0.27%	0.04%	0.04%	0.07%	0.04%	0.2%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	188.88M	33.77M	74.94M	78.64M	200M	102.88M	81.58M	178.82M	-73.47M	138.93M
Depreciation & Amortization	140.03M	132.72M	134.23M	137.12M	138.9M	140.03M	150.64M	143.59M	151.4M	156.01M
Stock-Based Compensation	6.57M	6.84M	5.62M	6.38M	6.71M	6.5M	7.98M	8.79M	8.54M	10.44M
Other Non-Cash Items	-139.41M	44.8M	2.67M	-3.93M	-6.47M	-3.34M	-18.91M	-4.48M	219.97M	22.69M
Working Capital Changes	6.97M	-21.82M	10.4M	-39.67M	-5.69M	-7.64M	-7.18M	-13.7M	-7.98M	2.88M
Cash from Investing+	-307.53M	71.45M	-89.36M	-232.92M	-138.01M	-325.79M	-202.97M	-83.46M	-169.62M	-291.01M
Acquisitions (Net)	0	0	0	0	201.5M	59.84M	160.69M	21.79M	0	0
Purchase of Investments	-437.23M	-161.57M	-200.5M	-160.09M	-405.62M	0	-273.79M	-302.86M	0	0
Sale of Investments	1000K	1000K	1000K	0	1000K	0	1000K	1000K	0	0
Other Investing	-4.33M	-2.62M	1.17M	-4.52M	-17.36M	-352.88M	-202.97M	-47.08M	-149.12M	-259.67M
Cash from Financing+	157.76M	-154.43M	-338.55M	49.55M	-84.36M	91.27M	-50.9M	-183.18M	46.26M	-169.67M
Dividends Paid	-117.85M	-118.34M	-118.48M	-114.29M	-122.66M	-123.37M	-123.53M	-123.64M	-127.18M	-131.84M
Common Dividends	-103.64M	-104.14M	-109.17M	-114.29M	-122.66M	-123.37M	-123.53M	-123.64M	-127.18M	-1.18K
Debt Issuance (Net)	1000K	-1000K	-1000K	-1000K	1000K	1000K	1000K	-1000K	1000K	-1000K
Share Repurchases	-2.46M	-2.47M	-1.97M	0	0	0	0	0	0	0
Other Financing	-9.54M	-26.34M	-10.48M	-19.01M	-11.35M	-21.57M	-10.18M	-9.69M	-7.98M	-7.85M
Net Change in Cash+	54.23M	149.55M	-197.6M	-4.2M	6.18M	3.9M	-4.72M	-807K	152.91M	-129.73M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	6.08M	60.31M	209.86M	12.26M	11.95M	18.13M	22.03M	17.32M	16.51M	169.42M
Cash at End	60.31M	209.86M	12.26M	8.07M	18.13M	22.03M	17.32M	16.51M	169.42M	39.7M
Free Cash Flow+	137.86M	161.99M	159.25M	112.18M	203.9M	205.67M	219.12M	229.45M	255.77M	299.61M
FCF Growth %	-0.29%	0.18%	-0.02%	-0.3%	0.82%	0.01%	0.07%	0.05%	0.11%	0.17%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	3.26	1.75	2.06	2.03	2.96	2.12	2.02	2.81	0.69	2.61
FFO Payout Ratio	32.56%	63.14%	53.19%	54.07%	37.1%	51.96%	54.37%	39.05%	163.2%	0%
NOI Margin	30.37%	34.89%	30.97%	31.75%	31.28%	55.77%	31.53%	29.82%	33.76%	34.56%
Net Debt / EBITDA	7.76x	-0.47x	0.21x	0.08x	6.41x	4.90x	7.17x	6.92x	6.72x	6.51x
Debt / Assets	53.15%	50.36%	51.3%	49.89%	48.64%	52.18%	54%	53.1%	57.69%	57.38%
Interest Coverage	1.42x	0.67x	1.74x	1.92x	2.13x	4.27x	2.58x	2.97x	2.60x	2.55x
Book Value / Share	16.75	17.12	15	15.88	15.67	15.34	14.98	15.52	13.79	13.82
Revenue Growth	6.57%	-8.11%	6.65%	-5.66%	5.83%	-4.52%	13.74%	11.22%	-7.31%	9.97%

Revenue by Segment

	2024
Construction Contract Revenue	34.5M
Construction Contract Revenue Growth	-

Frequently Asked Questions

Valuation & Price

COPT Defense Properties (CDP) has a price-to-earnings (P/E) ratio of 24.5x. This is roughly in line with market averages.

Growth & Financials

COPT Defense Properties (CDP) reported $750.0M in revenue for fiscal year 2024. This represents a 52% increase from $493.0M in 2011.

COPT Defense Properties (CDP) grew revenue by 10.0% over the past year. This is steady growth.

Yes, COPT Defense Properties (CDP) is profitable, generating $149.9M in net income for fiscal year 2024 (18.4% net margin).

Dividend & Returns

COPT Defense Properties (CDP) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

COPT Defense Properties (CDP) has a return on equity (ROE) of 8.9%. This is below average, suggesting room for improvement.

Industry Metrics

COPT Defense Properties (CDP) generated Funds From Operations (FFO) of $308.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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