Corporate Office Properties Trust/$CDP

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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. Its tenants include the USG and their defense contractors, who are engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. Its properties include 195 operating properties totaling approximately 22.4 million square feet comprised of 16.5 million square feet in 164 office properties and 5.9 million square feet in 31 single-tenant data center shells.

Ticker

$CDP

Primary listing

NYSE

Employees

427

CDP Metrics

BasicAdvanced
$3.4B
24.03
$1.27
0.95
$1.20
3.99%

Bulls say / Bears say

COPT outperformed Q2 expectations, posting adjusted FFO of $0.68 per share, beating guidance by 2 cents, and raised its full-year FFO midpoint by $0.01 to $2.67, reflecting strong operational execution.
The company’s portfolio maintained high standards in occupancy and leasing in Q2, with total occupancy at 94.0% and 724,000 square feet leased during the quarter, leading to a 90% tenant retention rate.
COPT benefits from a favorable alignment with increasing defense budgets. The One Big Beautiful Bill Act allocates an additional $113 billion to FY 2026 defense spending—a 13% increase year-over-year—supporting long-term demand for mission-critical facilities.
Uncertainty in U.S. defense appropriations has driven volatility among government contractors, highlighting potential challenges for COPT's tenant base if budget reductions or delays arise, as shown by declines in defense stocks following policymaker appointments that raised concerns over funding stability.
COPT's tenant mix presents a significant risk, with its top 10 tenants accounting for 63.8% of annualized rental income and the U.S. government alone making up 35.9%, exposing the company to possible cash flow disruptions if there are non-renewals or interruptions in funding.
The commercial real estate sector at large faces a substantial refinancing wall, with $950 billion of loans coming due in 2024 and reaching $1.26 trillion by 2027. In this setting, COPT’s $400 million bond maturity in March 2026 may be subject to higher interest rates and refinancing risk.
Data summarised monthly by Lightyear AI. Last updated on 6 Sept 2025.
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Real-time US market data is sourced from the IEX order book provided by Polygon. After-hours US market data is 15 minutes delayed and may differ significantly from the actual tradable price at market open.

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Sept30
Corporate Office Properties Trust
DividendEx-dividend
Oct16
Corporate Office Properties Trust
DividendPayment
$0.305Per share
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