Copt Defense Properties CDP

Real EstateResidential & Commercial REITsUnited States of America

Last close 33.35 USD on Nov 1, 2026, +23.5% year to date

Quant rating

Quant rating A Rank 12 of 175 in Real Estate

Growth B 39 of 175
Valuation A 20 of 175
Quality B 36 of 175
Revisions A 23 of 175
Momentum B 63 of 175

Wall Street consensus Buy (2.12)Average target 39.86 USD +19.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.8B
Enterprise value: 6.4B
52-week range: 27.08 – 38.85
3-year range: 22.24 – 38.85
Dividend yield: 3.79%
Beta (5 years): 0.81
Shares outstanding: 113M
Next earnings: Feb 6, 2027

About the company

COPT Defense Properties is a self-managed real estate investment trust (REIT). The Company is focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key United States Government (USG) defense installations and missions (its Defense/IT Portfolio). The Company’s tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. Its Defense/IT Portfolio includes approximately 199 operating properties totaling 22.7 million square feet comprised of 16.8 million square feet in 168 office properties and 5.9 million square feet in 31 single-tenant data center shells. It owns approximately 24 of these data center shells totaling 4.3 million square feet through unconsolidated real estate joint ventures. It also owns around 50 acres of other developable land in the Greater Washington, DC/Baltimore region.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	764	753	685	739	664	–
Revenue growth	1.4%	10.0%	−7.3%	11.2%	14.1%	5.6%
EPS (basic, normalized)	1.32	1.23	−0.67	1.53	0.68	–
EPS growth	7.3%	–	–	125.0%	–	–
Gross margin	58.8%	56.0%	56.5%	49.5%	52.8%	54.7%
Net margin	19.9%	18.4%	−10.9%	19.3%	10.9%	11.5%
ROE	10.1%	9.3%	−4.6%	8.7%	4.5%	5.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	24.2
Current ratio	–
Long-term debt (mil)	2,594
Net debt (mil)	2,647
Total equity (mil)	1,528
Net debt / equity	1.73x
Net debt / EBITDA	6.37x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	764	+1.4%	8.4x	416	+11.0%	15.5x	1.32	+7.3%	25.3x
2026	780	+2.2%	8.2x	426	+2.3%	15.1x	1.47	+11.4%	22.7x
2027	803	+2.9%	8.0x	441	+3.7%	14.6x	1.48	+0.5%	22.6x
2028	857	+6.8%	7.5x	470	+6.4%	13.7x	1.60	+8.7%	20.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	780	+0.1%	+0.2%	+1.2%	1.47	+7.7%	+10.5%	+9.7%
2027	803	−0.2%	−0.2%	+0.6%	1.48	+4.5%	+5.9%	+7.0%
2028	857	0.0%	+0.4%	+1.8%	1.60	0.0%	+2.6%	+4.6%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	167	167	173	183	188	177	189	197	201	191
Sales mean (mil)	171	168	171	172	176	187	187	185	191	192
Surprise	−2.3%	−0.7%	+0.7%	+6.5%	+6.6%	−4.9%	+0.7%	+6.5%	+5.1%	−0.9%
EPS reported	0.29	0.31	0.32	0.31	0.30	0.34	0.34	0.33	0.34	0.35
EPS mean	0.29	0.31	0.32	0.33	0.33	0.34	0.34	0.33	0.33	0.33
Surprise	−0.9%	0.0%	+1.6%	−7.0%	−6.6%	+1.0%	−1.0%	0.0%	+3.0%	+6.1%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CDP Copt Defense Properties	3.8B	6.37x	19.9%	2.47x	22.7x	22.6x	15.1x	14.6x
WELL Welltower Inc.	172.1B	3.89x	−4.7%	3.53x	80.9x	71.9x	35.1x	29.1x
PLD Prologis, Inc.	121.6B	5.26x	37.8%	2.18x	31.1x	34.3x	22.0x	19.8x
O Realty Income Corporation	53.9B	6.26x	18.4%	1.36x	36.5x	32.0x	15.5x	14.2x
VMRK Vivmark Residential	47.9B	4.55x	36.2%	2.21x	47.2x	38.9x	21.5x	14.6x
VTR Ventas, Inc.	44.8B	5.27x	4.3%	2.75x	144.0x	89.3x	22.3x	19.4x
Mean		5.27x	18.6%	2.42x	60.4x	48.2x	21.9x	18.6x
Median		5.26x	19.1%	2.34x	41.8x	36.6x	21.8x	17.0x

Technical analysis

1M−0.3%
3M−12.0%
1Y+23.9%
3Y+64.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Copt Defense Properties, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	764	753	685	739	664	582
Cost of revenue	315	331	298	373	313	256
Gross profit	449	422	387	366	351	327
Selling, general & administrative expenses	57.0	55.1	49.8	43.2	44.8	40.0
Research & development	–	–	–	–	–	–
Depreciation/amortization	162	154	149	141	138	127
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.1	0	253	0.6	101	−20.6
Other operating expenses	0	0	0	0	0	0
Operating income	230	213	−64.3	181	68.1	181
Net interest income (expense)	−73.2	−69.1	−58.8	−50.1	−56.4	−111
Gain (loss) on sale of assets	3.4	0	49.4	19.2	65.6	30.2
Other non-operating income (expense)	0	0	0	−0.3	1.1	0.9
Net income before taxes	160	144	−73.8	150	78.4	101
Provision for taxes	0.9	0.3	0.6	0.4	0.1	0.4
Minority interest	−7.2	−5.0	0.9	−5.8	−5.0	−5.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	152	139	−73.5	143	73.2	95.1
Extraordinary items	–	0	0	29.6	3.3	2.3
Net income	152	139	−73.5	173	76.5	97.4
EBIT, normalized	230	214	189	181	169	160
EBITDA, normalized	392	367	338	323	306	286
Basic EPS, normalized	1.32	1.23	−0.67	1.53	0.68	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Copt Defense Properties, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	275	38.3	168	12.3	13.3	18.4
Receivables	58.2	42.2	48.9	43.3	40.8	41.6
Total inventory	–	–	0	161	193	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	3,839	3,689	3,548	3,604	3,583	3,654
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	10.0	14.6	19.3
Long-term investments	36.4	39.4	41.1	34.9	54.2	44.4
Note receivable	248	231	231	210	191	162
Other long-term assets	578	295	428	399	419	198
Total assets	4,702	4,254	4,247	4,257	4,262	4,077
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	147	126	133	158	186	143
Accrued expenses	45.0	49.2	33.9	28.8	29.3	30.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	4.0
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	2,768	2,392	2,417	2,232	2,272	2,083
Minority interest	72.9	67.5	63.4	65.9	61.2	58.1
Other liabilities	346	301	283	278	306	275
Total liabilities	3,187	2,761	2,763	2,575	2,640	2,416
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.1	1.1	1.1	1.1	1.1	1.1
Additional paid-in capital	2,503	2,494	2,490	2,486	2,482	2,479
Retained earnings (accumulated deficit)	−989	−1,003	−1,009	−808	−857	−810
Treasury stock	–	–	–	–	–	–
Other equity	−0.1	1.0	2.1	2.1	−3.1	−9.2
Total equity	1,515	1,493	1,484	1,682	1,623	1,661
Total liabilities & shareholders' equity	4,702	4,254	4,247	4,257	4,262	4,077

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Copt Defense Properties, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−84.7	−105	−125	322	314	−7.6
Cash from operations	310	331	276	210	184	−69.1
Investing activities
Capital expenditures	−257	−249	−352	−363	−319	−406
Other investing cash flows	−32.3	−42.3	183	280	116	80.1
Cash from investing	−290	−291	−170	−83.5	−203	−326
Financing activities
Financing cash flow items	−18.6	−7.8	−8.0	−16.2	−10.2	−27.7
Cash dividends paid	−137	−132	−127	−124	−124	−123
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	372	−30.0	181	−43.3	82.8	242
Cash from financing	217	−170	46.3	−183	−50.9	91.3
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	237	−130	153	−0.8	−4.7	3.9
Free cash flow	52.5	82.3	−76.2	−153	−135	−475

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.