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CDP

COPT Defense Properties

CDP

COPT Defense Properties • NYSE
$30.73 ▲ 0.26% (+0.08)
Market Cap $3.47 B
52w High $33.49
52w Low $23.92
Dividend Yield 1.21%
P/E 23.28
Volume 388.40K
Outstanding Shares 113.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $188.795M ▼ $67.907M ▲ $41.727M ▲ 22.102% ▲ $0.37 ▲ $104.066M ▲
Q2-2025 $189.915M ▲ $11.911M ▼ $38.347M ▲ 20.192% ▲ $0.34 ▲ $99.216M ▲
Q1-2025 $187.856M ▲ $12.156M ▲ $34.74M ▼ 18.493% ▼ $0.31 $93.955M ▲
Q4-2024 $183.433M ▼ $11.843M ▲ $35.121M ▼ 19.147% ▲ $0.31 ▼ $93.913M ▲
Q3-2024 $189.225M $11.416M $36.085M 19.07% $0.32 $92.801M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 ▼ $4.351B ▲ $2.772B ▲ $1.555B ▲
Q2-2025 $21.288M ▼ $4.287B ▲ $2.718B ▲ $1.498B ▲
Q1-2025 $24.292M ▼ $4.25B ▼ $2.688B ▼ $1.491B ▼
Q4-2024 $38.284M ▲ $4.254B ▲ $2.694B ▲ $1.493B ▲
Q3-2024 $34.478M $4.234B $2.679B $1.489B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $43.744M ▲ $0 ▼ $0 ▲ $0 ▲ $0 ▲ $0 ▼
Q2-2025 $40.166M ▲ $87.896M ▲ $-79.027M ▼ $-11.532M ▲ $-2.663M ▲ $84.534M ▲
Q1-2025 $34.74M ▼ $72.076M ▼ $-69.546M ▼ $-16.181M ▲ $-13.651M ▼ $65.137M ▼
Q4-2024 $36.467M ▲ $101.078M ▲ $-61.89M ▲ $-35.162M ▼ $4.026M ▲ $92.308M ▲
Q3-2024 $36.085M $65.052M $-96.878M $-35.106M $-65.965M $46.816M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Construction Contract Revenue
Construction Contract Revenue
 $20.00M ▲$0 ▼$30.00M ▲$20.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, with operating profits moving up alongside it. Core profitability looks relatively stable, which is notable in an office-oriented REIT where many peers face pressure. The main blemish is a recent year with a bottom-line loss, surrounded by otherwise profitable years. That points to some one-off or non‑recurring hits rather than a broken business model, but it does show that earnings can be lumpy. Overall, the income statement suggests a specialized platform that is generally profitable, with some volatility at the net income and earnings-per-share level that investors should understand in detail.

Balance Sheet

Balance Sheet The balance sheet looks relatively steady in size, with total assets holding roughly flat over the last several years, reflecting a mature portfolio rather than a hyper-growth story. Debt levels are meaningful but not extreme for a REIT, and they have crept up over time, which underscores the need to watch interest costs and refinancing risk. Equity has edged down from earlier peaks, suggesting some combination of payout, valuation changes, or portfolio repositioning. Cash on hand is usually quite modest, which is common for REITs but means ongoing access to capital markets and credit lines remains important to support the business and its development pipeline.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive and gradually improving, which is a key strength for a real estate vehicle focused on long-term leases with government and defense tenants. After capital spending, free cash flow remains positive and has improved over time, even though the company continues to invest in its portfolio. Capital expenditures appear disciplined and manageable relative to cash generated, rather than aggressively expansionary. This pattern points to a cash-flow profile that is reasonably predictable and supportive of ongoing development, debt service, and distributions, provided occupancy and rent levels remain healthy.

Competitive Edge

Competitive Edge COPT Defense Properties operates in a very specific and defensible niche: secure, mission‑critical real estate for U.S. government agencies and defense/IT contractors. Its properties are clustered near major defense and intelligence installations, which creates a built‑in advantage because many tenants need to be physically close to these sites. The company also has deep experience with high‑security facilities and government procurement, which is difficult for generalist landlords to replicate. High occupancy and strong tenant retention in the defense/IT portfolio highlight the “stickiness” of these relationships. The trade‑off is concentration risk: performance is heavily tied to U.S. defense spending priorities, federal leasing decisions, and the health of a relatively narrow tenant universe.

Innovation and R&D

Innovation and R&D Although it is a REIT rather than a traditional technology company, CDP invests heavily in specialized capabilities. It has developed expertise in highly secure environments such as SCIFs and mission‑critical data center shells, which require advanced design, construction, and operational know‑how. The build‑to‑suit model gives tenants bespoke facilities tailored to demanding security, power, and connectivity needs, strengthening long‑term relationships. On top of that, CDP has made sustainability and ESG a core part of its identity, using green building standards and earning repeated external recognition. Future innovation appears centered on expanding secure data center infrastructure, deepening its defense/IT parks, and maintaining high ESG standards—areas that align with long‑term trends in cybersecurity, cloud computing, and government sustainability goals.

Summary

Overall, COPT Defense Properties combines a stable, cash‑generative real estate platform with a highly specialized focus on defense and intelligence tenants. The financials show gradual revenue and cash flow growth, steady but meaningful leverage, and generally healthy profitability with occasional earnings volatility. Strategically, the company benefits from hard‑to‑replicate locations, security expertise, and long‑term relationships with government‑related tenants, which together create a strong moat. At the same time, the business is exposed to policy, budget, and concentration risks tied to a single segment of the economy. Its emphasis on secure facilities, data centers, and sustainability suggests a measured, forward‑looking posture, with growth likely driven more by deepening its specialized niche than by broad diversification across the real estate landscape.

NEWS

November 13, 2025 · 4:16 PM UTC

COPT Defense Declares Fourth Quarter 2025 Common Dividend

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October 30, 2025 · 4:16 PM UTC

COPT Defense Reports Third Quarter 2025 Results

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October 30, 2025 · 4:15 PM UTC

COPT Defense Acquires 142,000 Square Foot Building in Chantilly, VA

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October 1, 2025 · 4:16 PM UTC

COPT Defense Provides Conference Call Details to Discuss 3Q 2025 Results

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September 23, 2025 · 4:54 PM UTC

COPT Defense Prices $400 Million of 4.500% Senior Notes due 2030

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