Revenue growth reached 6.8% in 2026Q1, though NOI margins remain sensitive to development timing, evidenced by the sharp recovery from 14.1% in 2025Q4 to 59.4% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 776.7M | 763.92M | 753.27M | 684.98M | 739.03M | 664.45M | 584.18M | 611.82M | 578.11M | 612.77M | 574.56M | 625.27M | 586.7M | 525.47M | 508.13M | 492.96M | 492.23M | 767.07M | 585.61M | 407.14M | 353.66M | 321.31M | 232.85M | 195.79M | 144.13M | 123.05M | 105.14M | 77.48M | 39.27M | 6.6M | 2.5M |
| Revenue Growth % | 3.86% | 1.41% | 9.97% | -7.31% | 11.22% | 13.74% | -4.52% | 5.83% | -5.66% | 6.65% | -8.11% | 6.57% | 11.65% | 3.41% | 3.08% | 0.15% | -35.83% | 30.99% | 43.83% | 15.12% | 10.07% | 37.99% | 18.93% | 35.84% | 17.14% | 17.03% | 35.7% | 97.29% | 495.03% | 164% | 0% |
| Property Operating Expenses | 528.86M | 646.07M | 492.91M | 453.75M | 518.62M | 454.97M | 258.41M | 420.42M | 394.59M | 422.99M | 374.09M | 435.39M | 279.99M | 226.07M | 337.78M | 343.02M | 346.82M | 493.67M | 141.05M | 163.05M | 231.92M | 135.81M | 113.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 247.84M | 117.85M | 260.36M | 231.23M | 220.41M | 209.47M | 325.77M | 191.4M | 183.52M | 189.79M | 200.47M | 189.88M | 306.71M | 299.4M | 170.35M | 149.94M | 145.42M | 273.4M | 444.55M | 244.09M | 121.74M | 185.5M | 119.2M | 195.79M | 144.13M | 123.05M | 105.14M | 77.48M | 39.27M | 6.6M | 2.5M |
| NOI Margin % | 31.91% | 15.43% | 34.56% | 33.76% | 29.82% | 31.53% | 55.77% | 31.28% | 31.75% | 30.97% | 34.89% | 30.37% | 52.28% | 56.98% | 33.53% | 30.42% | 29.54% | 35.64% | 75.91% | 59.95% | 34.42% | 57.73% | 51.19% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 13.68M | -112.52M | 47.04M | 42.77M | 38.99M | 40.77M | 35.81M | 39.97M | 34.74M | 37.05M | 146.19M | 68.16M | 173.75M | 157.49M | 81.29M | 119.64M | 34.9M | 135.47M | 311.41M | 126.4M | 245.24M | 224.12M | 146.21M | 120.99M | 80.34M | 64.69M | 50.61M | 34.95M | 17.93M | 3.93M | 2.5M |
| G&A Expenses | 38.82M | 32.78M | 47.04M | 42.77M | 38.99M | 40.77M | 37.47M | 39.64M | 34.74M | 37.05M | 38.34M | 40.77M | 37.37M | 36.3M | 37.61M | 36.43M | 34.9M | 26.94M | 209.47M | 21.7M | 16.94M | 13.53M | 10.94M | 7.89M | 6.7M | 5.29M | 4.87M | 3.2M | 1.89M | 500K | 400K |
| EBITDA | 399.32M | 392.19M | 369.34M | 337.49M | 325.01M | 319.34M | 429.99M | 290.33M | 283.59M | 270.73M | 187.28M | 260.12M | 257.2M | 257.18M | 213.48M | 166.89M | 236.33M | 249.74M | 238.11M | 223.32M | 188.49M | 160.74M | 138.55M | 112.93M | 94.97M | 81.16M | 71.05M | 54.18M | 27.63M | 3.97M | 3.7M |
| EBITDA Margin % | 51.41% | 51.34% | 49.03% | 49.27% | 43.98% | 48.06% | 73.61% | 47.45% | 49.05% | 44.18% | 32.6% | 41.6% | 43.84% | 48.94% | 42.01% | 33.86% | 48.01% | 32.56% | 40.66% | 54.85% | 53.3% | 50.03% | 59.5% | 57.68% | 65.89% | 65.96% | 67.57% | 69.93% | 70.36% | 60.2% | 148% |
| Depreciation & Amortization | 165.15M | 161.83M | 156.01M | 149.03M | 143.59M | 150.64M | 140.03M | 138.9M | 139.06M | 136.5M | 134.87M | 140.03M | 125.59M | 115.27M | 124.42M | 136.59M | 125.82M | 111.81M | 104.97M | 105.64M | 80.07M | 63.55M | 51.9M | 38.12M | 31.18M | 22.79M | 16.51M | 11.65M | 6.29M | 1.3M | 600K |
| D&A / Revenue % | 21.26% | 21.18% | 20.71% | 21.76% | 19.43% | 22.67% | 23.97% | 22.7% | 24.05% | 22.28% | 23.47% | 22.39% | 21.41% | 21.94% | 24.49% | 27.71% | 25.56% | 14.58% | 17.92% | 25.95% | 22.64% | 19.78% | 22.29% | 19.47% | 21.64% | 18.52% | 15.71% | 15.03% | 16% | 19.7% | 24% |
| Operating Income | 234.16M | 230.37M | 213.32M | 188.46M | 181.42M | 168.7M | 289.96M | 151.43M | 144.53M | 134.23M | 52.41M | 120.09M | 131.61M | 141.91M | 89.07M | 30.3M | 110.51M | 137.93M | 133.15M | 117.68M | 108.42M | 97.18M | 86.64M | 74.8M | 63.79M | 58.36M | 54.53M | 42.53M | 21.35M | 2.67M | 3.1M |
| Operating Margin % | 30.15% | 30.16% | 28.32% | 27.51% | 24.55% | 25.39% | 49.63% | 24.75% | 25% | 21.9% | 9.12% | 19.21% | 22.43% | 27.01% | 17.53% | 6.15% | 22.45% | 17.98% | 22.74% | 28.91% | 30.66% | 30.25% | 37.21% | 38.21% | 44.26% | 47.43% | 51.87% | 54.9% | 54.36% | 40.5% | 124% |
| Interest Expense | 4M | 88.15M | 83.77M | 72.46M | 61.17M | 65.4M | 67.94M | 71.05M | 75.39M | 76.98M | 78.59M | 84.61M | 87.73M | 76.56M | 80.16M | 83.44M | 89.86M | 82.19M | 86.41M | 85.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.80x | 2.55x | 0.02x | 3.45x | 2.20x | 2.41x | 3.75x | 2.04x | 1.99x | 2.05x | 1.68x | 1.67x | 1.96x | 1.10x | -0.03x | 1.29x | 1.73x | 1.66x | 1.41x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -13.52M | -16.77M | 0 | 187.18M | -29.45M | 24.94M | 126.5M | -114.76M | -9.14M | -17.18M | 79.8M | 0 | 0 | 0 | 560K | 32.77M | -5.07M | -4.22M | -10.17M | -3.03M | 0 | 0 | 0 | 0 | 0 | 0 | -45.74M | -69.24M | -16.04M | -7.33M | 0 |
| Pretax Income | 167.4M | 160.48M | 144.23M | -73.76M | 149.7M | 78.36M | 100.95M | 195.14M | 78.28M | 76.04M | 11.33M | 172.96M | 34.82M | 38.81M | 8.35M | -85.91M | 25.73M | 59.97M | 56.9M | 35.14M | 35.31M | 40.08M | 42.07M | 33.32M | 24.8M | 24.75M | 14.1M | 13.97M | 4.37M | 0 | 0 |
| Pretax Margin % | 21.55% | 21.01% | 19.15% | -10.77% | 20.26% | 11.79% | 17.28% | 31.89% | 13.54% | 12.41% | 1.97% | 27.66% | 5.93% | 7.39% | 1.64% | -17.43% | 5.23% | 7.82% | 9.72% | 8.63% | 9.98% | 12.47% | 18.07% | 17.02% | 17.21% | 20.12% | 13.41% | 18.03% | 11.13% | 0% | 0% |
| Income Tax | 968K | 947K | 288K | 588K | 447K | 145K | 353K | -217K | 147.69M | 1.1M | 244K | 199K | 310K | 1.98M | 381K | -6.71M | 108K | 196K | 201K | 569K | 887K | 668K | 795K | -169K | -347K | -409K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.58% | 0.59% | 0.2% | -0.8% | 0.3% | 0.19% | 0.35% | -0.11% | 188.67% | 1.44% | 2.15% | 0.12% | 0.89% | 5.1% | 4.56% | 7.81% | 0.42% | 0.33% | 0.35% | 1.62% | 2.51% | 1.67% | 1.89% | -0.51% | -1.4% | -1.65% | 0% | 0% | 0% | - | - |
| Net Income | 156.13M | 152.31M | 138.93M | -73.47M | 173.03M | 76.54M | 97.37M | 191.69M | 72.3M | 68.75M | 30.05M | 178.3M | 40.26M | 93.71M | 20.98M | -119.43M | 42.76M | 56.33M | 53.97M | 34.78M | 49.23M | 39.03M | 37.03M | 30.88M | 23.3M | 19.92M | 15.13M | 15.08M | 4.7M | -1M | 300K |
| Net Margin % | 20.1% | 19.94% | 18.44% | -10.73% | 23.41% | 11.52% | 16.67% | 31.33% | 12.51% | 11.22% | 5.23% | 28.52% | 6.86% | 17.83% | 4.13% | -24.23% | 8.69% | 7.34% | 9.22% | 8.54% | 13.92% | 12.15% | 15.9% | 15.77% | 16.17% | 16.19% | 14.39% | 19.47% | 11.96% | -15.15% | 12% |
| Net Income Growth % | 10.68% | 9.64% | 289.1% | -142.46% | 126.06% | -21.39% | -49.2% | 165.13% | 5.17% | 128.75% | -83.14% | 342.93% | -57.04% | 346.71% | 117.56% | -379.3% | -24.09% | 4.38% | 55.14% | -29.34% | 26.12% | 5.4% | 19.93% | 32.51% | 16.96% | 31.64% | 0.34% | 221.19% | 569.6% | -433.33% | 0% |
| Funds From Operations (FFO) | 321.28M | 314.14M | 294.94M | 75.56M | 316.62M | 227.19M | 237.41M | 330.6M | 211.36M | 205.25M | 164.92M | 318.32M | 165.84M | 208.97M | 145.4M | 17.17M | 168.58M | 168.14M | 158.93M | 140.42M | 129.3M | 102.59M | 88.94M | 69M | 54.49M | 42.72M | 31.65M | 26.73M | 10.98M | 300K | 900K |
| FFO Margin % | 41.36% | 41.12% | 39.16% | 11.03% | 42.84% | 34.19% | 40.64% | 54.03% | 36.56% | 33.49% | 28.7% | 50.91% | 28.27% | 39.77% | 28.61% | 3.48% | 34.25% | 21.92% | 27.14% | 34.49% | 36.56% | 31.93% | 38.2% | 35.24% | 37.8% | 34.72% | 30.1% | 34.5% | 27.96% | 4.55% | 36% |
| FFO Growth % | 32.89% | 6.51% | 290.36% | -76.14% | 39.37% | -4.3% | -28.19% | 56.41% | 2.98% | 24.45% | -48.19% | 91.94% | -20.64% | 43.73% | 746.99% | -89.82% | 0.26% | 5.79% | 13.18% | 8.6% | 26.04% | 15.35% | 28.89% | 26.64% | 27.55% | 34.98% | 18.4% | 143.41% | 3560.33% | -66.67% | 12.5% |
| FFO per Share | 2.83 | 2.77 | 2.61 | 0.67 | 2.81 | 2.02 | 2.12 | 2.96 | 2.03 | 2.06 | 1.75 | 3.26 | 1.88 | 2.45 | 1.98 | 0.25 | 2.81 | 2.98 | 3.25 | 2.95 | 2.98 | 2.65 | 2.54 | 2.44 | 2.32 | 2.06 | 1.65 | 1.44 | 4.83 | 0.18 | 0.63 |
| FFO Payout Ratio % | 32.16% | 43.48% | 0% | 168.32% | 39.05% | 54.37% | 51.96% | 37.1% | 54.07% | 53.19% | 63.14% | 32.56% | 58.08% | 44.73% | 61.32% | 667.85% | 55.64% | 65.23% | 52.7% | 60.86% | 48.6% | 52.24% | 53.47% | 63.67% | 72.06% | 73.76% | 86.75% | 75.2% | 78.67% | 233.33% | 77.78% |
| EPS (Diluted) | 1.37 | 1.34 | 1.23 | -0.65 | 1.53 | 0.68 | 0.87 | 1.71 | 0.69 | 0.69 | -0.03 | 1.74 | 0.25 | 0.83 | -0.03 | -1.94 | 0.43 | 0.70 | 0.87 | 0.39 | 0.69 | 0.63 | 0.54 | 0.27 | 0.56 | 0.63 | 0.59 | 0.66 | 0.47 | -0.60 | 0.21 |
| EPS Growth % | 10.4% | 8.94% | 289.23% | -142.48% | 125% | -21.84% | -49.12% | 147.83% | 0% | 2369.74% | -101.75% | 596% | -69.88% | 2866.67% | 98.45% | -551.16% | -38.57% | -19.54% | 123.08% | -43.48% | 9.52% | 16.67% | 100% | -51.79% | -11.11% | 6.78% | -10.61% | 40.43% | 178.33% | -385.71% | 10.53% |
| EPS (Basic) | - | 1.35 | 1.23 | -0.65 | 1.54 | 0.68 | 0.87 | 1.72 | 0.66 | 0.69 | -0.03 | 1.75 | 0.25 | 0.83 | -0.03 | -1.93 | 0.45 | 0.72 | 0.88 | 0.40 | 0.72 | 0.65 | 0.57 | 0.29 | 0.59 | 0.65 | 0.60 | 0.72 | 0.48 | -0.60 | 0.21 |
| Diluted Shares Outstanding | 113.58M | 113.3M | 112.9M | 112.18M | 112.62M | 112.42M | 112.08M | 111.62M | 104.13M | 99.42M | 94.5M | 97.67M | 88.26M | 85.22M | 73.45M | 69.38M | 59.94M | 56.41M | 48.87M | 47.63M | 43.37M | 38.76M | 34.98M | 28.33M | 23.51M | 20.74M | 19.21M | 18.53M | 2.27M | 1.67M | 1.43M |
Geopolitical and Budgetary Concentration
As reported in recent financial filings, COPT Defense Properties achieved a 6.8% revenue increase in 2026Q1, signaling that the firm's strategic pivot toward specialized defense-contractor facilities continues to capture demand despite broader office market headwinds that have negatively impacted many traditional commercial real estate peers.
The consistent revenue expansion appears driven by the firm's unique ability to provide SCIF-compliant infrastructure, which creates a high barrier to entry for competitors. Investors should monitor whether this growth trajectory remains sustainable as the company continues to divest its legacy regional office assets.
Based on the company's reported figures, FFO per share reached $0.72 in 2026Q1, reflecting a 9.6% growth rate compared to prior periods and demonstrating that the firm's core earnings power is effectively decoupling from the volatility typically associated with standard multi-tenant office property portfolios.
The steady climb in FFO per share suggests that management's capital recycling strategy is successfully enhancing the quality of the earnings stream. However, the reliance on joint ventures for data center development warrants further investigation to determine if these structures are masking potential dilution or leverage risks.
According to the provided income statement data, the NOI margin fluctuated significantly, dropping to 14.1% in 2025Q4 before recovering to 59.4% in 2026Q1, which suggests that property-level profitability is highly sensitive to the timing of development completions and non-recurring operating expense adjustments.
The extreme variance in NOI margins appears to be an outlier that may stem from accounting treatments related to the firm's specialized construction projects. Analysts should look past these quarterly swings to assess the underlying stability of property-level cash flows once projects reach full stabilization.
As indicated by the divergence between FFO and AFFO metrics in recent quarters, the company's reliance on capitalized leasing commissions and tenant improvements may be inflating headline earnings, potentially obscuring the true cash cost of maintaining its specialized, high-security defense-focused real estate asset base.
The gap between FFO and AFFO suggests that significant capital is being reinvested to maintain tenant occupancy, which may limit the actual cash available for distribution. Investors should monitor whether these recurring capital expenditures will continue to escalate as the portfolio ages and security requirements evolve.
Quick answers to the most common questions about buying CDP stock.
For fiscal year 2025, COPT Defense Properties (CDP) reported total revenue of $763.9M. This represents a 30456.9% increase compared to $2.5M in 1996.
COPT Defense Properties (CDP) is profitable, generating $152.3M in net income for the fiscal year ending 2025 with a net profit margin of 19.9%.
COPT Defense Properties (CDP) reported an operating income of $230.4M, resulting in an operating profit margin of 30.2%. This margin reflects the operational efficiency of the business before interest and taxes.
COPT Defense Properties (CDP) generated $117.8M in gross profit for the year, representing a gross profit margin of 15.4%. This demonstrates the company's core pricing power and production efficiency.