COPT DEFENSE PROPERTIES CDP
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:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1.35 | 1.23 | -0.67 | 1.54 | 0.68 | 0.87 | 1.72 | 0.69 | 0.56 | 0.15 |
| EPS, diluted | 1.34 | 1.23 | -0.67 | 1.53 | 0.68 | 0.87 | 1.71 | 0.69 | 0.56 | 0.15 |
| Shares, diluted (wtd. avg.) | $113.3M | $112.9M | $112.2M | $112.6M | $112.4M | $112.1M | $111.6M | $104.1M | $99.2M | $94.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6798
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| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
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