COPT DEFENSE PROPERTIES CDP

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

COPT Defense Properties ("COPT Defense") and subsidiaries (collectively, the "Company", "we" or "us") is a fully-integrated and self-managed real estate investment trust ("REIT") focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government ("USG") defense installations and missions (which we refer to herein as our Defense/IT Portfolio). Our tenants include the USG and its defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. Our property portfolio is predominantly comprised of office properties and single-tenant data center shells. As of December 31, 2025, our Defense/IT Portfolio included:

Last close 33.93 2026-10-23
Market cap $3.85B 2026-06-30 share count
52-week range 27.05 - 38.90

Valuation FY2025 figures against the last close

P/S91.5x
P/E25.3x
P/FCF13.3x
EV/EBITDA—
Dividend yield3.5%
Diluted EPS1.34

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $42.1M$75.5M$60.2M$154.6M$107.9M$70.6M$113.8M$60.9M$102.8M$48.4M
Cost of revenue ————$104.1M$67.6M$110.0M$58.3M$99.6M$45.5M
Gross profit ————$3.8M$3.0M$3.8M$2.5M$3.2M$2.9M
SG&A $47.8M$47.0M$42.8M$39.0M$40.8M$33.0M$35.4M$28.9M$30.8M$36.6M
Total operating expenses $533.6M$539.9M$749.3M$557.6M$495.7M$423.9M$460.4M$433.6M$477.0M$521.9M
Operating income ————————$135.8M$52.4M
Interest expense $86.7M$82.2M$71.1M$61.2M$65.4M$67.9M$71.1M$75.4M——
Pre-tax income $157.7M$143.8M-$73.5M$148.0M$77.3M$99.1M$193.5M$75.6M$74.5M$33.3M
Income tax $947.0K$288.0K$588.0K$447.0K$145.0K$353.0K$217.0K$363.0K$1.1M$244.0K
Net income $159.5M$143.9M-$74.3M$178.8M$81.6M$102.9M$200.0M$72.3M$68.7M$28.9M
EPS, basic 1.351.23-0.671.540.680.871.720.690.560.15
EPS, diluted 1.341.23-0.671.530.680.871.710.690.560.15
Shares, diluted (wtd. avg.) 113.3M112.9M112.2M112.6M112.4M112.1M111.6M104.1M99.2M94.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $275.0M$38.3M$167.8M$12.3M$13.3M$18.4M$14.7M$8.1M$12.3M$209.9M
Property, plant and equipment ———$8.3M$9.6M$10.4M——$5.3M$5.2M
Other intangibles $19.8M$10.7M$6.9M$10.0M$14.6M$19.2M$27.4M$43.5M$59.1M$78.4M
Total assets $4.70B$4.25B$4.25B$4.26B$4.26B$4.08B$3.85B$3.66B$3.60B$3.78B
Long-term debt $2.77B$2.39B$2.42B$2.23B$2.27B$2.09B$1.83B$1.82B$1.83B$1.90B
Total liabilities $3.11B$2.69B$2.70B$2.51B$2.58B$2.36B$2.11B$2.00B$2.10B$2.16B
Total equity $1.51B$1.49B$1.52B$1.72B$1.66B$1.69B$1.72B$1.63B$1.47B$1.61B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $309.9M$331.0M$276.3M$265.8M$249.1M$238.4M$228.6M$180.5M$230.1M$234.3M
Depreciation and amortisation $163.7M$156.0M$151.4M$143.6M$150.6M$140.0M$138.9M$139.1M$136.5M$134.9M
Stock-based compensation $11.7M$10.4M$8.5M$8.8M$8.0M$6.5M$6.7M$6.4M$5.6M$6.8M
Capital expenditure $21.1M$31.3M$20.5M$36.4M$30.0M$32.8M$24.7M$24.2M$22.9M$26.3M
Investing cash flow -$289.7M-$291.0M-$169.6M-$83.5M-$203.0M-$325.8M-$138.0M-$232.9M-$89.4M$71.2M
Financing cash flow $216.5M-$169.7M$46.3M-$183.2M-$50.9M$91.3M-$84.4M$49.6M-$338.5M-$155.1M
Dividends paid $136.6M$131.8M$127.2M$123.6M$123.5M$123.4M$122.7M$114.3M$109.2M$104.1M
Buybacks ——————$2.1M$1.7M$2.0M$2.5M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000860546-26-000011.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M 0 100M 200M 300M Revenue, FY2016: 48.4M Gross profit, FY2016: 2.9M Net income, FY2016: 28.9M Revenue, FY2017: 102.8M Gross profit, FY2017: 3.2M Net income, FY2017: 68.7M Revenue, FY2018: 60.9M Gross profit, FY2018: 2.5M Net income, FY2018: 72.3M Revenue, FY2019: 113.8M Gross profit, FY2019: 3.8M Net income, FY2019: 200M Revenue, FY2020: 70.6M Gross profit, FY2020: 3M Net income, FY2020: 102.9M Revenue, FY2021: 107.9M Gross profit, FY2021: 3.8M Net income, FY2021: 81.6M Revenue, FY2022: 154.6M Net income, FY2022: 178.8M Revenue, FY2023: 60.2M Net income, FY2023: -74.3M Revenue, FY2024: 75.5M Net income, FY2024: 143.9M Revenue, FY2025: 42.1M Net income, FY2025: 159.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $48.4M $102.8M $60.9M $113.8M $70.6M $107.9M $154.6M $60.2M $75.5M $42.1M
Gross profit $2.9M $3.2M $2.5M $3.8M $3.0M $3.8M — — — —
Net income $28.9M $68.7M $72.3M $200.0M $102.9M $81.6M $178.8M -$74.3M $143.9M $159.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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