NYSE : CDP
COPT Defense Properties — Financial statements
Real Estate · REIT - Office · United States
Last price 34.25 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.95B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 760.26M | 714.18M | 671.37M | 619.85M | 580.17M | 553.67M |
| Other Revenue | 46.36M | 52.55M | 82.30M | 64.87M | 160.60M | 111.87M |
| Total Revenue | 806.62M | 766.73M | 753.66M | 684.72M | 740.77M | 665.54M |
| Property Expenses | 341.43M | 323.89M | 339.27M | 304.80M | 377.39M | 317.43M |
| Selling, General & Administrative | 49.41M | 47.84M | 47.04M | 42.77M | 38.99M | 40.77M |
| Depreciation & Amortization | 170.20M | 161.83M | 153.64M | 148.95M | 141.23M | 137.54M |
| Total Operating Expenses | 561.04M | 533.55M | 539.94M | 496.52M | 557.61M | 495.75M |
| Operating Income | 245.58M | 233.17M | 213.72M | 188.20M | 183.16M | 169.79M |
| Interest Expense | -97.20M | -86.66M | -82.15M | -71.14M | -61.17M | -65.40M |
| Interest & Investment Income | 14.48M | 9.95M | 12.28M | 13.20M | 9.34M | 7.88M |
| Other Non-Operating Income | 817.00K | 817.00K | 383.00K | -532.00K | -271.00K | 1.13M |
| EBT Excluding Unusual Items | 163.68M | 157.28M | 144.23M | 129.72M | 131.06M | 113.40M |
| Gain (Loss) on Sale of Assets | 14.73M | 3.35M | 49.39M | 19.25M | 65.59M | |
| Asset Writedown | -252.80M | |||||
| Other Unusual Items | -149.00K | -149.00K | -79.00K | -609.00K | -100.63M | |
| Pretax Income | 178.26M | 160.48M | 144.23M | -73.76M | 149.70M | 78.36M |
| Income Tax Expense | 369.00K | 947.00K | 288.00K | 588.00K | 447.00K | 145.00K |
| Earnings From Continuing Operations | 177.89M | 159.53M | 143.94M | -74.35M | 149.25M | 78.22M |
| Earnings From Discontinued Operations | 29.57M | 3.36M | ||||
| Net Income to Company | 177.89M | 159.53M | 143.94M | -74.35M | 178.82M | 81.58M |
| Minority Interest in Earnings | -7.65M | -7.22M | -5.01M | 878.00K | -5.79M | -5.04M |
| Net Income | 170.24M | 152.31M | 138.93M | -73.47M | 173.03M | 76.54M |
| Preferred Dividends & Other Adjustments | 622.00K | 622.00K | 510.00K | 1.20M | 451.00K | 467.00K |
| Net Income to Common | 169.61M | 151.69M | 138.42M | -74.67M | 172.58M | 76.07M |
| Basic Shares Outstanding | 112.83M | 112.52M | 112.30M | 112.18M | 112.07M | 111.96M |
| Diluted Shares Outstanding | 114.67M | 113.30M | 112.90M | 112.18M | 112.62M | 112.42M |
| EPS (Basic) | 1.50 | 1.35 | 1.23 | -0.67 | 1.54 | 0.68 |
| EPS (Diluted) | 1.48 | 1.34 | 1.23 | -0.67 | 1.53 | 0.68 |
| Dividend Per Share | 1.26 | 1.22 | 1.18 | 1.14 | 1.10 | 1.10 |
| Operating Margin | 30.45% | 30.41% | 28.36% | 27.49% | 24.73% | 25.51% |
| Profit Margin | 21.03% | 19.78% | 18.37% | -10.90% | 23.30% | 11.43% |
| EBITDA | 416.55M | 396.87M | 369.74M | 339.60M | 326.75M | 320.44M |
| EBITDA Margin | 51.64% | 51.76% | 49.06% | 49.60% | 44.11% | 48.15% |
| D&A For Ebitda | 170.96M | 163.70M | 156.01M | 151.40M | 143.59M | 150.64M |
| EBIT | 245.58M | 233.17M | 213.72M | 188.20M | 183.16M | 169.79M |
| EBIT Margin | 30.45% | 30.41% | 28.36% | 27.49% | 24.73% | 25.51% |
| Funds From Operations (FFO) | 327.20M | 313.22M | 294.37M | 275.31M | 268.11M | 159.54M |
| FFO Per Share | 2.72 | 2.57 | 2.41 | 2.35 | 1.40 | |
| Adjusted Funds From Operations (AFFO) | 256.55M | 233.93M | 220.07M | 202.93M | 178.34M | 159.54M |
| AFFO Per Share | 2.20 | 2.03 | 1.93 | 1.78 | 1.56 | 1.40 |
| FFO Payout Ratio | 43.61% | 44.79% | 46.19% | 46.12% | 77.43% | |
| Effective Tax Rate | 0.21% | 0.59% | 0.20% | 0.30% | 0.18% | |
| Revenue as Reported | 804.14M | 763.92M | 753.27M | 684.98M | 739.03M | 664.45M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 3.73B | 3.84B | 3.69B | 3.55B | 3.60B | 3.58B |
| Total Real Estate Assets | 3.91B | 3.84B | 3.69B | 3.55B | 3.60B | 3.58B |
| Cash & Equivalents | 24.26M | 274.99M | 38.28M | 167.82M | 12.34M | 13.26M |
| Accounts Receivable | 313.94M | 330.21M | 284.74M | 279.70M | 240.57M | 229.74M |
| Investment In Debt and Equity Securities | 5.58M | |||||
| Other Intangible Assets | 19.77M | 10.70M | 6.85M | 9.96M | 14.57M | |
| Loans Receivable Current | 66.55M | 69.86M | 69.68M | 81.51M | 84.62M | 82.23M |
| Restricted Cash | 4.05M | |||||
| Other Current Assets | 98.53M | 161.29M | 216.67M | |||
| Trading Asset Securities | 114.00K | 1.31M | 2.56M | 2.63M | 355.00K | |
| Deferred Long-Term Tax Assets | 1.84M | |||||
| Deferred Long-Term Charges | 78.69M | 75.05M | 71.27M | 70.06M | 69.34M | 67.16M |
| Other Long-Term Assets | 83.98M | 92.57M | 89.43M | 90.93M | 80.91M | 43.85M |
| Total Assets | 4.57B | 4.70B | 4.25B | 4.25B | 4.26B | 4.26B |
| Current Portion of Long-Term Debt | 50.00M | 446.06M | 468.55M | |||
| Current Portion of Leases | 8.28M | |||||
| Long-Term Debt | 2.53B | 2.32B | 1.92B | 2.42B | 2.23B | 2.27B |
| Long-Term Leases | 42.27M | 37.09M | 49.63M | 34.35M | 28.76M | 29.34M |
| Accounts Payable | 166.53M | 147.20M | 126.03M | 133.31M | 158.00M | 186.20M |
| Other Current Liabilities | 37.12M | 35.20M | 33.91M | 32.64M | 31.40M | 31.30M |
| Long-Term Unearned Revenue | 85.29M | 87.81M | 80.33M | 68.63M | 43.89M | 44.10M |
| Other Long-Term Liabilities | 41.12M | 30.68M | 11.97M | 14.40M | 15.69M | 15.23M |
| Total Liabilities | 2.95B | 3.11B | 2.69B | 2.70B | 2.51B | 2.58B |
| Common Stock | 1.13M | 1.13M | 1.13M | 1.13M | 1.12M | 1.12M |
| Additional Paid-In Capital | 2.51B | 2.50B | 2.49B | 2.49B | 2.49B | 2.48B |
| Distributions in Excess of Earnings | -965.10M | -988.96M | -1.00B | -1.01B | -807.51M | -856.86M |
| Comprehensive Income & Other | -61.00K | 988.00K | 2.12M | 2.07M | -3.06M | |
| Total Common Equity | 1.54B | 1.51B | 1.49B | 1.48B | 1.68B | 1.62B |
| Minority Interest | 78.07M | 72.90M | 67.48M | 63.42M | 65.94M | 61.23M |
| Shareholders' Equity | 1.62B | 1.59B | 1.56B | 1.55B | 1.75B | 1.68B |
| Total Liabilities & Equity | 4.57B | 4.70B | 4.25B | 4.25B | 4.26B | 4.26B |
| Total Debt | 2.62B | 2.81B | 2.44B | 2.45B | 2.26B | 2.30B |
| Net Cash (Debt) | -2.60B | -2.54B | -2.40B | -2.28B | -2.25B | -2.29B |
| Net Cash Per Share | -22.65 | -22.40 | -21.27 | -20.33 | -19.94 | -20.35 |
| Filing Date Shares Outstanding | 112.89M | 112.77M | 112.48M | 112.35M | 112.23M | 112.16M |
| Total Common Shares Outstanding | 112.89M | 112.78M | 112.48M | 112.36M | 112.24M | 112.16M |
| Book Value Per Share | 13.67 | 13.43 | 13.27 | 13.21 | 14.98 | 14.47 |
| Tangible Book Value | 1.54B | 1.50B | 1.48B | 1.48B | 1.67B | 1.61B |
| Tangible Book Value Per Share | 13.67 | 13.26 | 13.18 | 13.15 | 14.90 | 14.34 |
| Land | 519.26M | 495.71M | 482.96M | 539.81M | 572.90M | |
| Buildings | 4.66B | 4.40B | 4.16B | 3.99B | 3.67B | |
| Construction In Progress | 182.96M | 283.39M | 277.05M | 256.87M | 297.50M | 442.43M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 152.31M | 138.93M | -73.47M | 173.03M | 76.54M | |
| Depreciation & Amortization | 163.70M | 156.01M | 151.40M | 143.59M | 150.64M | |
| Other Amortization | 7.26M | 6.82M | 5.57M | 4.74M | 5.22M | |
| Gain (Loss) on Sale of Assets | -3.35M | -49.39M | -47.81M | -65.59M | ||
| Asset Writedown | 252.80M | |||||
| Stock-Based Compensation | 11.69M | 10.44M | 8.54M | 8.79M | 7.98M | |
| Change in Accounts Receivable | -15.94M | 6.50M | -5.62M | -2.44M | -662.00K | |
| Change in Accounts Payable | 556.00K | -4.09M | -2.90M | -11.14M | 22.00M | |
| Change in Other Net Operating Assets | -10.43M | -2.69M | -4.85M | 2.13M | -27.36M | |
| Other Operating Activities | 4.77M | 15.88M | -11.20M | -2.81M | 81.53M | |
| Operating Cash Flow | 309.93M | 330.95M | 276.27M | 265.82M | 249.15M | |
| Acquisition of Real Estate Assets | -290.29M | -280.93M | -352.45M | -363.13M | -319.42M | |
| Sale of Real Estate Assets | 5.00M | 189.51M | 281.07M | 143.12M | ||
| Net Sale / Acq. of Real Estate Assets | -285.29M | -280.93M | -162.94M | -82.06M | -176.30M | |
| Investment in Marketable & Equity Securities | 21.81M | 1.20M | 1.09M | 26.63M | 1.29M | |
| Other Investing Activities | -7.79M | 1.37M | 8.56M | -14.43M | -6.04M | |
| Investing Cash Flow | -289.74M | -291.01M | -169.62M | -83.46M | -202.97M | |
| Long-Term Debt Issued | 924.46M | 76.00M | 627.38M | 977.00M | 1.98B | |
| Long-Term Debt Repaid | -552.72M | -105.98M | -445.95M | -1.02B | -1.90B | |
| Net Debt Issued (Repaid) | 371.74M | -29.98M | 181.42M | -43.33M | 82.81M | |
| Common Dividends Paid | -136.60M | -131.84M | -127.18M | -123.64M | -123.53M | |
| Total Dividends Paid | -136.60M | -131.84M | -127.18M | -123.64M | -123.53M | |
| Other Financing Activities | -18.60M | -7.85M | -7.98M | -16.20M | -10.18M | |
| Net Cash Flow | 236.73M | -129.73M | 152.91M | -807.00K | -4.72M | |
| Levered Free Cash Flow | 251.04M | 256.28M | 340.50M | 251.47M | 219.93M | |
| Unlevered Free Cash Flow | 297.94M | 300.81M | 379.39M | 284.97M | 255.58M | |
| Cash Interest Paid | 75.41M | 75.55M | 59.81M | 56.06M | 65.18M | |
| Cash Income Tax Paid | 40.00K | 53.00K | 37.00K | 60.00K | ||
| Change in Working Capital | -26.45M | 2.88M | -7.98M | -13.70M | -7.18M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.83B | 3.13B | 3.48B | 2.88B | 2.91B | 3.13B |
| Enterprise Value | 6.43B | 5.67B | 5.94B | 5.18B | 5.26B | 5.37B |
| Last Close Price | 33.20 | 27.02 | 28.79 | 22.82 | 22.02 | 22.76 |
| Price/FFO Ratio | 9.93 | 11.20 | 9.47 | 9.37 | 16.26 | |
| Price/AFFO Ratio | 15.20 | 13.30 | 14.96 | 12.83 | 14.08 | 16.22 |
| PE Ratio | 22.44 | 20.67 | 25.15 | 16.87 | 41.17 | |
| PS Ratio | 4.75 | 4.09 | 4.62 | 4.20 | 3.93 | 4.71 |
| PB Ratio | 2.43 | 1.98 | 2.23 | 1.86 | 1.67 | 1.86 |
| P/OCF Ratio | 11.35 | 10.12 | 10.52 | 10.41 | 10.95 | 12.57 |
| EV/Sales Ratio | 7.97 | 7.40 | 7.88 | 7.56 | 7.10 | 8.07 |
| EV/EBITDA Ratio | 15.43 | 14.29 | 16.06 | 15.24 | 16.09 | 16.77 |
| EV/EBIT Ratio | 26.17 | 24.33 | 27.78 | 27.50 | 28.71 | 31.64 |
| Debt / Equity Ratio | 1.62 | 1.77 | 1.56 | 1.58 | 1.29 | 1.37 |
| Debt / EBITDA Ratio | 6.16 | 6.93 | 6.46 | 7.07 | 6.83 | 7.09 |
| Net Debt / Equity Ratio | 1.60 | 1.60 | 1.54 | 1.47 | 1.28 | 1.36 |
| Net Debt / EBITDA Ratio | 6.24 | 6.39 | 6.50 | 6.71 | 6.87 | 7.14 |
| Asset Turnover | 0.18 | 0.17 | 0.18 | 0.16 | 0.17 | 0.16 |
| Quick Ratio | 1.33 | 0.95 | 0.52 | 2.71 | 1.35 | 1.12 |
| Current Ratio | 1.98 | 1.06 | 0.63 | 3.20 | 2.65 | 2.51 |
| Return on Equity (ROE) | 11.12% | 10.13% | 9.26% | -4.51% | 8.70% | 4.60% |
| Return on Assets (ROA) | 3.44% | 3.25% | 3.14% | 2.77% | 2.69% | 2.54% |
| Return on Invested Capital (ROIC) | 5.78% | 5.52% | 5.33% | 4.70% | 4.57% | 4.33% |
| Earnings Yield | 4.46% | 4.86% | 3.99% | -2.56% | 5.94% | 2.44% |
| Dividend Yield | 3.85% | 4.39% | 3.81% | 4.45% | 4.24% | 3.94% |
| Payout Ratio | 86.53% | 89.68% | 94.90% | 71.46% | 161.39% | |
| Buyback Yield / Dilution | -1.33% | -0.36% | -0.64% | 0.39% | -0.18% | -0.30% |
| Total Shareholder Return | 2.52% | 4.03% | 3.17% | 4.85% | 4.06% | 3.64% |