COPT Defense Properties CDP
COPT is a Real Estate Investment Trust (REIT) that focuses on the ownership, management, leasing, development, and strategic acquisition of office and data center assets. The majority of its portfolio is dedicated to serving the United States Government and its contractors, particularly those engaged in national security, defense, and information technology (IT) operations, which the company identifies as growing, resilient, and high-priority missions. Furthermore, COPT maintains a collection of Class-A office properties located in select urban submarkets across the greater Washington, DC/Baltimore metropolitan area, distinguished by strong market characteristics. As of June 30, 2023, 90% of COPT's core portfolio's annual rental income originated from its Defense/IT locations, while the remaining 10% came from its Regional Office properties. On the same date, COPT's core portfolio, including 24 properties held via unconsolidated joint ventures, comprised 192 properties spanning 22.9 million square feet and maintained a 95% occupancy rate.
Business overview written from the company's own Form 10-K (Item 1), filed 2026-02-20 — refreshed whenever it files a new one. The figures above are current; see its SEC filings. ✓ From the 10-K
Plain-English: the Snapshot is the quick read — what it pays you (yield, dividend), how its cash flow looks (FFO/AFFO, Price/OCF) and how much debt it carries. Switch to Expert in the header to hide these explanations.
Snapshot
Reported FFO / AFFO / leverage are from the Q1 2026 earnings release (filed 2026-04-27) — 8-K, EX-99.1 ✓ Verified to filing.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
$10,000 invested
Illustrative income only, at today's price and latest declared dividend — it excludes price changes, dividend cuts and taxes. Not a forecast.
Model CDP yourself — any amount, shares, per-payment & a multi-year DRIP projection →
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $763.92M | $152.31M | $161.83M | $408.97M | $334.93M |
| 2024 | $753.27M | $138.93M | $156.01M | $384.02M | $330.95M |
| 2023 | $684.98M | $-73.47M | $149.03M | $150.31M | $276.27M |
| 2022 | $739.03M | $173.03M | $143.59M | $354.46M | $265.82M |
| 2021 | $664.45M | $76.54M | $150.64M | $294.41M | $249.15M |
| 2020 | $584.18M | $97.37M | $140.03M | $303.48M | $238.42M |
Dividends
Recent regular dividends per share (special distributions excluded), oldest → newest.
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-09-30 | 2026-09-30 | 2026-10-15 | 2026-08-13 | $0.32 | Quarterly |
| 2026-06-30 | 2026-06-30 | 2026-07-15 | 2026-05-14 | $0.32 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-15 | 2026-02-19 | $0.32 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-15 | 2025-11-13 | $0.30 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-16 | 2025-08-14 | $0.30 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-16 | 2025-05-20 | $0.30 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-16 | 2025-02-20 | $0.30 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-15 | 2024-11-14 | $0.29 | Quarterly |
| 2024-09-30 | 2024-09-30 | 2024-10-17 | 2024-08-08 | $0.29 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-17 | 2024-05-09 | $0.29 | Quarterly |
| 2024-03-27 | 2024-03-29 | 2024-04-17 | 2024-02-22 | $0.29 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-18 | 2023-11-09 | $0.28 | Quarterly |
| 2023-09-28 | 2023-09-29 | 2023-10-16 | 2023-08-10 | $0.28 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-17 | 2023-05-11 | $0.28 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-17 | — | $0.28 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-17 | — | $0.28 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-17 | — | $0.28 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-15 | — | $0.28 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-15 | — | $0.28 | Quarterly |
| 2021-12-31 | 2022-01-03 | 2022-01-18 | — | $0.28 | Quarterly |
| 2021-09-29 | 2021-09-30 | 2021-10-15 | — | $0.28 | Quarterly |
| 2021-06-29 | 2021-06-30 | 2021-07-15 | — | $0.28 | Quarterly |
| 2021-03-30 | 2021-03-31 | 2021-04-15 | — | $0.28 | Quarterly |
| 2020-12-30 | 2020-12-31 | 2021-01-15 | — | $0.28 | Quarterly |
Coverage (payout of operating cash flow): 43.30%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Recent news — CDP
COPT Defense Properties: Mission-Critical Growth At A Reasonable Price
COPT Defense Declares Third Quarter 2026 Common Dividend
COPT Defense Properties (NYSE:CDP) vs. Empire State Realty Trust (NYSE:ESRT) Head to Head Comparison
Why COPT Defense (CDP) is a Great Dividend Stock Right Now
Edgestream Partners L.P. Invests $1.83 Million in COPT Defense Properties $CDP
Goodyear Earns CDP Supplier Engagement "A" Score
COPT Defense Properties (CDP) Q2 2026 Earnings Call Transcript
COPT Defense Properties Q2 Earnings Call Highlights
Headlines via Financial Modeling Prep; links open the original publisher in a new tab. Not an endorsement or investment advice.
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Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.