Corporate Office Properties Trust/$CDP
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Capital at risk
About Corporate Office Properties Trust
COPT Defense Properties 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. The company has two reportable segments: Defense/IT Portfolio; and Other. Defense/IT Portfolio includes sub-segments such as: Fort George G. Meade and the Baltimore/Washington Corridor (Fort Meade/BW Corridor); Redstone Arsenal in Huntsville, Alabama; Northern Virginia Defense/IT Locations (NoVA Defense/IT); Lackland Air Force Base in San Antonio, Texas; locations serving the U.S. Navy (Navy Support); and data center shells in Northern Virginia.
- Ticker
- $CDP
- Sector
- Real Estate
- Primary listing
- NYSE
- Employees
- 430
- Headquarters
- Columbia, United States
- Website
- www.copt.com
CDP Metrics
BasicAdvanced
$3.8B
23.60
$1.44
0.79
$1.25
3.78%
Price and volume
Market cap
$3.8B
Beta
0.79
52-week high
$38.90
52-week low
$27.06
Average daily volume
826K
Dividend rate
$1.25
Financial strength
Current ratio
2.594
Quick ratio
2.093
Long term debt to equity
1.61
Total debt to equity
1.642
Dividend payout ratio (TTM)
85.08%
Interest coverage (TTM)
2.58%
Profitability
EBITDA (TTM)
411.166
Gross margin (TTM)
58.26%
Net profit margin (TTM)
20.84%
Operating margin (TTM)
30.65%
Effective tax rate (TTM)
0.51%
Revenue per employee (TTM)
$1,830,000
Management effectiveness
Return on assets (TTM)
3.43%
Return on equity (TTM)
10.82%
Valuation
Price to earnings (TTM)
23.601
Price to revenue (TTM)
4.846
Price to book
2.5
Price to tangible book (TTM)
2.5
Price to free cash flow (TTM)
11.318
Free cash flow yield (TTM)
8.84%
Free cash flow per share (TTM)
2.993
Dividend yield (TTM)
3.69%
Forward dividend yield
3.78%
Growth
Revenue change (TTM)
4.87%
Earnings per share change (TTM)
12.86%
3-year revenue growth (CAGR)
4.28%
10-year revenue growth (CAGR)
3.04%
3-year earnings per share growth (CAGR)
-5.18%
10-year earnings per share growth (CAGR)
3.74%
3-year dividend per share growth (CAGR)
3.73%
10-year dividend per share growth (CAGR)
1.29%
Bulls say / Bears say
Leasing momentum is strong: COPT signed 408,000 square feet of vacancy leases year to date by 9 September, already above its original 400,000-square-foot target. Its Defense/IT portfolio was 96.4% leased at the end of June, while the company raised its full-year vacancy target to 475,000 square feet. (COPT Defense Properties, Morningstar)
Operating results are improving despite higher funding costs. Second-quarter FFO per share rose 4.4% year on year to $0.71, and management raised 2026 FFO guidance to $2.78 per share, with same-property cash NOI growth and renewal rent growth targets also increased. (Morningstar, COPT Defense Properties)
Redstone Gateway shows evidence of demand for specialised defence space rather than ordinary office space. Its 2.4-million-square-foot operating portfolio is fully leased, and COPT has begun two further projects totalling 234,000 square feet to meet tenant demand; the company also points to a proposed 28% increase in the US defence base budget as a supportive backdrop. (COPT Defense Properties, Morningstar)
Growth now requires substantial capital and further lease-up. At the end of June, the development pipeline contained six properties totalling 885,000 square feet that were only 73% leased, with an estimated total investment of $440 million; the two new Redstone projects add another $88 million of commitments. (Morningstar, COPT Defense Properties)
The balance sheet leaves less room for setbacks than the leasing figures suggest. Net debt was six times in-place adjusted EBITDA at the end of June, while refinancing and exchangeable-note dilution added roughly $0.12 of financing pressure to 2026 guidance. (Morningstar, COPT Defense Properties)
The demand outlook depends heavily on government priorities and appropriations, not just on commercial office conditions. Management’s bullish forecast is partly tied to the proposed FY 2027 defence budget, so delays, reductions or changes in intelligence, cyber and missile-defence spending could weaken leasing and development returns. (Morningstar, COPT Defense Properties)
Data summarised monthly by Lightyear AI. Last updated on 19 Sept 2026.
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Funds containing CDP
AllEURGBPUSD
Fund name | Fund size | $CDP weighting |
|---|---|---|
iShares MSCI USA Small Cap ESG Enhanced CTB€SXRG | €2.8B | 0.31% |
iShares MSCI USA Small Cap CTB Enhanced ESG£CUS1 | £2.4B | 0.31% |
iShares Developed Markets Property Yield$IDWP | $1.2B | 0.23% |
iShares Developed Markets Property Yield£IWDP | £859M | 0.23% |
SPDR Russell 2000 US Small Cap€R2US | €4.8B | 0.13% |
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