A Business at a Glance
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COPT DEFENSE PROPERTIES
CDP
$4.3B
Mkt Cap
$38.03
+1.47%
COPT DEFENSE PROPERTIES (CDP) has a current P/E ratio of 28.4, compared to its historical median P/E of 23.2. The stock is currently considered Fair based on its historical valuation range.
COPT DEFENSE PROPERTIES (CDP) has a 5-year average return on invested capital (ROIC) of 4.3%. This is below average and may indicate limited pricing power.
COPT DEFENSE PROPERTIES (CDP) has a market capitalization of $4.3B. It is classified as a mid-cap stock.
Yes, COPT DEFENSE PROPERTIES (CDP) pays a dividend with a trailing twelve-month yield of 3.20%. The company also returns capital through share buybacks, with a buyback yield of 0.04%.
Based on historical P/E analysis, COPT DEFENSE PROPERTIES (CDP) appears fair. The current P/E of 28.4 is 22% above its historical median of 23.2. The estimated fair value CAGR (P/E method) is 2.2%.
COPT DEFENSE PROPERTIES (CDP) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
COPT DEFENSE PROPERTIES (CDP) reported annual revenue of $764 million in its most recent fiscal year, based on SEC EDGAR filings.
COPT Defense Properties is a fully-integrated, self-managed REIT focused on owning, operating, and developing properties proximate to or containing key U.S. Government defense installations and missions. As of December 31, 2025, the company's Defense/IT Portfolio comprised 201 operating properties totaling 23.2 million square feet (with 24 properties totaling 4.3 million square feet held through unconsolidated joint ventures), five properties under development totaling approximately 646,000 square feet, and approximately 1,000 acres of controlled land with development potential of approximately 10.6 million square feet; the company also owned six other operating properties totaling 2.0 million square feet in the Greater Washington, DC/Baltimore region. The portfolio is predominantly comprised of office properties and single-tenant data center shells serving U.S. Government tenants and defense contractors engaged in priority national security activities including intelligence, surveillance and reconnaissance, cybersecurity, missile defense, and space activities. The company operates through its operating partnership, COPT Defense Properties, L.P., which owns real estate directly and through subsidiaries, and also provides real estate services including property management, development, and construction services primarily for its properties and for third-party tenants. The business model is characterized by long-term government leases with strong renewal rates (95% expected on large lease expirations), mission-critical property requirements that create high barriers to entry, and a development pipeline of approximately 1 million square feet of opportunities considered 50% likely to win or better within two years. The company's competitive advantages include proximity to secure government installations, specialized security infrastructure, and established relationships with defense contractors and government agencies.
【Defense spending tailwinds accelerating】 Management expects the substantial increase in defense budget appropriations, including the $175 billion Golden Dome Initiative and Space Command relocation to Huntsville, to drive significant tenant demand growth over the near and medium term, with a typical 12–18 month lag between appropriations and lease executions providing visibility into future leasing activity. The company anticipates continued strong performance from its priority mission tenants, particularly in missile defense and space activities, which are expected to see increased funding to counter an increasingly complex national security environment. Management is prepared to accelerate development activity in Huntsville if demand materializes more formally, with plans to commence additional inventory buildings once pre-leasing thresholds are reached, and expects to maintain solid development pipeline activity in the near and medium term. The company continues to self-fund the equity component of its capital investments on a leverage-neutral basis while maintaining a conservative AFFO payout ratio below 65%, positioning it to capitalize on external growth opportunities.
| Metric | Target | Period |
|---|---|---|
| Same Property Cash NOI growth | 3% (midpoint) | FY2026 |
| Tenant retention | 80% (midpoint) | FY2026 |
| Vacancy leasing target | 400,000 square feet | FY2026 |
| Capital committed to new investments | $225 million–$275 million | FY2026 |
| Same Property occupancy | 93.5%–94.5% | FY2026 year-end |
Same Property Cash NOI growth (FY2026): “We increased the midpoint of Same-Property Cash NOI growth by 50 basis points to 3% due to stronger renewal leasing and unanticipated real estate tax refunds.”
Tenant retention (FY2026): “Our 2026 guidance assumes a midpoint for tenant retention of 80% and cash rent spreads up 2% at the midpoint.”
Vacancy leasing target (FY2026): “For 2026, we have again set a vacancy leasing target of 400,000 sq ft, which represents one-third of total available inventory at the beginning of the year.”
Capital committed to new investments (FY2026): “Regarding uses of capital in 2026, we expect to spend $200 million -$250 million on active and future projects and to commit $225 million -$275 million of capital to new investments.”
Same Property occupancy (FY2026 year-end): “We expect Same Property occupancy to end the year between 93.5%-94.5% and be relatively flat throughout the year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 777M | 764M | 753M | 685M | 739M | 664M |
| Net Income | 155M | 152M | 138M | -75M | 172M | 76M |
| EPS | $1.37 | $1.34 | $1.23 | $-0.67 | $1.53 | $0.68 |
| Free Cash Flow | 314M | 289M | 300M | 256M | 229M | 219M |
| ROIC | 0.0% | 6.1% | 5.8% | -0.1% | 6.0% | 3.7% |
| Gross Margin | - | 47.8% | 45.5% | 7.2% | 38.1% | 41.4% |
| Debt/Equity | 1.68 | 1.83 | 1.60 | 1.63 | 1.33 | 1.40 |
| Dividends/Share | $1.22 | $1.22 | $1.18 | $1.14 | $1.10 | $1.10 |
| Operating Income | 0 | 239M | 221M | -2.9M | 234M | 142M |
| Operating Margin | 0.0% | 31.3% | 29.3% | -0.4% | 31.7% | 21.3% |
| ROE | 10.3% | 10.1% | 9.3% | -4.7% | 10.4% | 4.6% |
| Shares Outstanding | 113M | 113M | 113M | 111M | 113M | 112M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 586M | 625M | 574M | 613M | 578M | 612M | 582M | 664M | 739M | 685M | 753M | 764M | 777M |
| Gross Margin | 43.6% | 38.5% | 30.0% | 39.8% | 43.0% | 42.2% | 44.5% | 41.4% | 38.1% | 7.2% | 45.5% | 47.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 32M | 31M | 37M | 31M | 29M | 35M | 33M | 41M | 39M | 43M | 47M | 48M | 48M |
| EBIT | 132M | 120M | 52M | 136M | 147M | 262M | 165M | 142M | 234M | -2.9M | 221M | 239M | 0 |
| Op. Margin | 22.4% | 19.2% | 9.1% | 22.2% | 25.4% | 42.8% | 28.4% | 21.3% | 31.7% | -0.4% | 29.3% | 31.3% | 0.0% |
| Net Income | 23M | 164M | 15M | 55M | 72M | 191M | 97M | 76M | 172M | -75M | 138M | 152M | 155M |
| Net Margin | 3.8% | 26.2% | 2.5% | 9.0% | 12.4% | 31.2% | 16.6% | 11.4% | 23.3% | -10.9% | 18.4% | 19.9% | 20.0% |
| Non-Recurring | 1.4M | 23M | 101M | 15M | 4.7M | 106M | 32M | 66M | 19M | 302M | 0 | 3.4M | 3.4M |
| Returns on Capital | |||||||||||||
| ROIC | 3.9% | 3.5% | 1.5% | 4.2% | 4.4% | 7.6% | 4.6% | 3.7% | 6.0% | -0.1% | 5.8% | 6.1% | 0.0% |
| ROE | 1.6% | 11.0% | 1.0% | 3.8% | 4.8% | 11.7% | 5.8% | 4.6% | 10.4% | -4.7% | 9.3% | 10.1% | 10.3% |
| ROA | 0.6% | 4.3% | 0.4% | 1.5% | 2.0% | 5.1% | 2.4% | 1.8% | 4.0% | -1.8% | 3.3% | 3.4% | 3.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 194M | 204M | 234M | 230M | 180M | 229M | 238M | 249M | 266M | 276M | 331M | 310M | 334M |
| Free Cash Flow | 165M | 181M | 208M | 207M | 156M | 204M | 206M | 219M | 229M | 256M | 300M | 289M | 314M |
| Owner Earnings | 49M | 55M | 93M | 88M | 35M | 83M | 92M | 91M | 113M | 116M | 164M | 135M | 155M |
| CapEx | 29M | 23M | 26M | 23M | 24M | 25M | 33M | 30M | 36M | 21M | 31M | 21M | 20M |
| Maint. CapEx | 138M | 142M | 135M | 137M | 139M | 139M | 140M | 151M | 144M | 151M | 156M | 164M | 167M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 138M | 142M | 135M | 137M | 139M | 139M | 140M | 151M | 144M | 151M | 156M | 164M | 167M |
| CapEx/OCF | 14.8% | 11.3% | 11.3% | 9.9% | 13.4% | 10.8% | 13.7% | 12.1% | 13.7% | 7.4% | 9.5% | 6.8% | 6.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 96M | 104M | 104M | 109M | 114M | 123M | 123M | 124M | 124M | 127M | 132M | 137M | 138M |
| Dividend Yield | 6.4% | 6.8% | 6.0% | 4.9% | 5.6% | 5.3% | 5.5% | 4.9% | 4.9% | 5.2% | 4.6% | 4.4% | 3.2% |
| Share Buybacks | 1.6M | 2.5M | 2.5M | 2.0M | 1.7M | 2.1M | 1.7M | 2.5M | 1.2M | 1.3M | 1.3M | 1.3M | 1.8M |
| Buyback Yield | 0.1% | 0.2% | 0.1% | 0.1% | 0.1% | N/A | 0.4% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 6.2M | 6.6M | 6.8M | 5.6M | 6.4M | 6.7M | 6.5M | 8.0M | 8.8M | 8.5M | 10M | 12M | 12M |
| Debt Repayment | 149M | 562M | 539M | 226M | 294M | 445M | 698M | 664M | 717M | 427M | 76M | 391M | 391M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.9B | 2.0B | 1.7B | 1.8B | 1.8B | 1.8B | 2.1B | 2.3B | 2.2B | 2.2B | 2.4B | 2.5B | 2.5B |
| Cash & Equiv. | 6.1M | 60M | 210M | 12M | 8.1M | 15M | 18M | 13M | 12M | 168M | 38M | 275M | 29M |
| Long-Term Debt | 1.9B | 2.1B | 1.9B | 1.8B | 1.8B | 1.8B | 2.1B | 2.3B | 2.2B | 2.4B | 2.4B | 2.8B | 2.5B |
| Debt/Equity | 1.32 | 1.35 | 1.25 | 1.30 | 1.15 | 1.09 | 1.26 | 1.40 | 1.33 | 1.63 | 1.60 | 1.83 | 1.68 |
| Interest Coverage | 1.4 | 1.3 | 0.6 | 1.8 | 1.9 | 3.7 | 2.4 | 2.2 | 3.8 | -0.0 | 2.7 | 2.8 | 2.8 |
| Equity | 1.5B | 1.5B | 1.5B | 1.4B | 1.6B | 1.7B | 1.7B | 1.6B | 1.7B | 1.5B | 1.5B | 1.5B | 1.5B |
| Total Assets | 3.7B | 3.9B | 3.8B | 3.6B | 3.7B | 3.9B | 4.1B | 4.3B | 4.3B | 4.2B | 4.3B | 4.7B | 4.5B |
| Total Liabilities | 2.1B | 2.3B | 2.2B | 2.1B | 2.0B | 2.1B | 2.4B | 2.6B | 2.5B | 2.7B | 2.7B | 3.1B | 2.9B |
| Intangibles | 44M | 98M | 78M | 59M | 43M | 27M | 19M | 15M | 10.0M | 6.9M | 11M | 20M | 20M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 123M | N/A | 109M | 108M | N/A | 149M | 143M | 186M | 158M | N/A | N/A | N/A | 117M |
| Per Share Data | |||||||||||||
| EPS | 0.25 | 1.74 | 0.15 | 0.56 | 0.69 | 1.71 | 0.87 | 0.68 | 1.53 | -0.67 | 1.23 | 1.34 | 1.37 |
| Owner EPS | 0.55 | 0.59 | 0.95 | 0.89 | 0.34 | 0.74 | 0.82 | 0.81 | 1.01 | 1.04 | 1.46 | 1.19 | 1.37 |
| Book Value | 16.09 | 16.38 | 15.67 | 14.22 | 15.23 | 15.03 | 14.91 | 14.52 | 14.93 | 13.32 | 13.27 | 13.38 | 13.36 |
| Cash Flow/Share | 2.15 | 2.16 | 2.41 | 2.33 | 1.73 | 2.05 | 2.14 | 2.23 | 2.36 | 2.48 | 2.94 | 2.74 | 2.84 |
| Dividends/Share | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.14 | 1.18 | 1.22 | 1.22 |
| Shares Out. | 90.2M | 94.3M | 97.2M | 98.6M | 104.1M | 111.7M | 111.4M | 111.8M | 112.7M | 111.4M | 112.5M | 113.2M | 113.4M |
| Valuation | |||||||||||||
| P/E Ratio | 71.3 | 8.2 | N/A | 37.0 | 22.5 | 13.1 | 24.0 | 34.4 | 14.5 | N/A | 23.9 | 20.8 | 27.7 |
| P/FCF | 9.7 | 7.4 | 9.8 | 9.9 | 10.3 | 12.3 | 11.3 | 11.9 | 10.9 | 10.3 | 11.1 | 10.9 | 13.7 |
| EV/EBIT | 26.6 | 27.9 | 70.3 | 614.4 | 787.3 | 16.4 | 511.9 | 619.0 | 520.1 | 371.1 | 445.4 | 504.2 | N/A |
| Price/Book | 1.1 | 0.9 | 1.3 | 1.5 | 1.0 | 1.5 | 1.4 | 1.6 | 1.5 | 1.7 | 2.2 | 2.1 | 2.8 |
| Price/Sales | 2.6 | 2.4 | 3.0 | 3.7 | 3.6 | 3.6 | 3.8 | 3.8 | 3.4 | 3.5 | 3.8 | 4.1 | 5.6 |
| FCF Yield | 10.3% | 13.4% | 10.4% | 10.0% | 9.6% | 8.1% | 8.8% | 8.3% | 9.1% | 9.9% | 9.0% | 9.1% | 7.3% |
| Market Cap | 1.6B | 1.3B | 2.0B | 2.1B | 1.6B | 2.5B | 2.3B | 2.6B | 2.5B | 2.6B | 3.3B | 3.2B | 4.3B |
| Avg. Price | 16.60 | 16.11 | 17.91 | 22.75 | 19.68 | 20.74 | 20.01 | 22.55 | 22.50 | 21.93 | 25.38 | 27.50 | 38.03 |
| Year-End Price | 17.83 | 14.27 | 20.86 | 20.74 | 15.49 | 22.38 | 20.90 | 23.37 | 22.20 | 23.62 | 29.43 | 27.88 | 38.03 |
COPT DEFENSE PROPERTIES passes 2 of 9 quality checks, indicating weak fundamentals.
COPT DEFENSE PROPERTIES trades at 28.4x trailing earnings, compared to its 15-year median P/E of 23.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 14.9x vs a median of 10.9x. The company's 5-year average ROIC is 4.3% with a gross margin of 36.0%. Total shareholder yield (dividends) is 3.2%. At current prices, the estimated annualized return to fair value is +7.1%.
COPT DEFENSE PROPERTIES (CDP) has a net profit margin of 19.9%. This is a healthy margin.
COPT DEFENSE PROPERTIES (CDP) generated $289 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
COPT DEFENSE PROPERTIES (CDP) has a debt-to-equity ratio of 1.83. This indicates higher leverage, which may increase financial risk.
COPT DEFENSE PROPERTIES (CDP) reported earnings per share (EPS) of $1.34 in its most recent fiscal year.
COPT DEFENSE PROPERTIES (CDP) has a return on equity (ROE) of 10.1%. This indicates moderate shareholder returns.
COPT DEFENSE PROPERTIES (CDP) has a 5-year average gross margin of 36.0%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for COPT DEFENSE PROPERTIES (CDP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
COPT DEFENSE PROPERTIES (CDP) has a book value per share of $13.38, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the substantial increase in defense budget appropriations, including the $175 billion Golden Dome Initiative and Space Command relocation to Huntsville, to drive significant tenant demand growth over the near and medium term, with a typical 12–18 month lag between appropriations and lease executions providing visibility into future leasing activity. The company anticipates continued strong performance from its priority mission tenants, particularly in missile defense and space activities, which are expected to see increased funding to counter an increasingly complex national security environment. Management is prepared to accelerate development activity in Huntsville if demand materializes more formally, with plans to commence additional inventory buildings once pre-leasing thresholds are reached, and expects to maintain solid development pipeline activity in the near and medium term. The company continues to self-fund the equity component of its capital investments on a leverage-neutral basis while maintaining a conservative AFFO payout ratio below 65%, positioning it to capitalize on external growth opportunities.
Based on recent SEC filings and earnings calls, COPT DEFENSE PROPERTIES (CDP) has provided the following forward guidance: Same Property Cash NOI growth: 3% (midpoint) (FY2026); Tenant retention: 80% (midpoint) (FY2026); Vacancy leasing target: 400,000 square feet (FY2026); Capital committed to new investments: $225 million–$275 million (FY2026); Same Property occupancy: 93.5%–94.5% (FY2026 year-end).