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COPT Defense Properties, an S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government defense installations and missions (referred to as 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. As of December 31, 2025, the Company's Defense/IT Portfolio of 201 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.2 million square feet and was 96.5% leased. COPT Defense Properties was incorporated in 1988 in Maryland.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 5 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $764M | $409M | $152M | $289M | 10.1% | 1.4% | 9.6% |
| 2024 | $753M | $384M | $139M | $300M | 9.3% | 10.0% | -289.1% |
| 2023 | $685M | $149M | $-73M | $256M | -5.0% | -7.3% | -142.5% |
| 2022 | $739M | $354M | $173M | $229M | 10.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2025 |
|---|---|
| Total Revenue | 763.92 |
| Operating Revenue | 763.92 |
| Cost Of Revenue | 485.72 |
| Gross Profit | 278.21 |
| Operating Expense | 47.84 |
| Selling General And Administration | 47.84 |
| Total Expenses | 533.55 |
| Operating Income | 230.37 |
| Total Operating Income As Reported | - |
| EBITDA | 409.42 |
| Normalized EBITDA | 406.14 |
| EBIT | 245.72 |
| Interest Income | 12.17 |
| Interest Expense | 85.24 |
| Net Interest Income | -75.98 |
| Other Income Expense | 6.09 |
| Interest Income Non Operating | 12.17 |
| Interest Expense Non Operating | 85.24 |
| Net Non Operating Interest Income Expense | -75.98 |
| Pretax Income | 160.48 |
| Tax Provision | 0.95 |
| Tax Rate For Calcs | 0 |
| Tax Effect Of Unusual Items | 0.02 |
| Net Income Continuous Operations | 159.53 |
| Net Income From Continuing And Discontinued Operation | 152.32 |
| Net Income From Continuing Operation Net Minority Interest | 152.32 |
| Net Income | 152.32 |
| Net Income Common Stockholders | 152.32 |
| Net Income Including Noncontrolling Interests | 159.53 |
| Normalized Income | 149.05 |
| Diluted NI Availto Com Stockholders | 152.32 |
| Basic Average Shares | 112.52 |
| Diluted Average Shares | 113.30 |
| Reconciled Depreciation | 163.70 |
| Reconciled Cost Of Revenue | 485.72 |
| Total Unusual Items | 3.28 |
| Total Unusual Items Excluding Goodwill | 3.28 |
| Minority Interests | -7.22 |
| Net Income Discontinuous Operations | - |
| Earnings From Equity Interest Net Of Tax | - |
| Special Income Charges | -0.07 |
| Gain On Sale Of Business | - |
| Other Special Charges | 0.07 |
| Write Off | - |
| Impairment Of Capital Assets | 0 |
| Gain On Sale Of Security | 3.35 |
| General And Administrative Expense | 47.84 |
| Other Gand A | 47.84 |
| Total Other Finance Cost | 2.91 |
| Provision For Doubtful Accounts | - |
| Earnings From Equity Interest | 2.81 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| COPT Defense Propertiesthis co. | CDP | $3.7B | 24.33↓ discount | 2.45 | 10.1% | 15.25 |
| Sabra Health Care REIT, Inc. | SBRA | $4.5B | 28.64 | 1.58 | 5.5% | 15.18 |
| Independence Realty Trust, Inc. | IRT | $4.0B | 70.67 | 1.16 | 1.6% | 16.46 |
| Newmark Group, Inc. | NMRK | $3.6B | 28.68 | 2.48 | 8.6% | 13.22 |
| National Health Investors, Inc. | NHI |
| - |
| - |
| - |
| - |
| - |
| - |
| $3.3B |
| 23.29 |
| 2.18 |
| 9.3% |
| 16.16 |
| Dynex Capital, Inc. | DX | $2.8B | 8.77 | 1.19 | 13.6% | - |
| InvenTrust Properties Corp. | IVT | $2.6B | 23.04 | 1.43 | 6.2% | 12.22 |
| Douglas Emmett, Inc. | DEI | $2.4B | 150.56 | 1.29 | 0.9% | 11.72 |
| Sunstone Hotel Investors, Inc. | SHO | $2.1B | 87.20 | 1.29 | 1.5% | 14.19 |
| Peer Median | - | 28.66 | 1.36 | 5.9% | 14.19 | |