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Office REIT that owns and develops properties leased mainly to US defense/intelligence agencies and contractors.
Office REIT that owns and develops properties leased mainly to US defense/intelligence agencies and contractors.
Collects rent on buildings sited around US military and intelligence installations such as Fort Meade in Maryland and Redstone Arsenal in Alabama, much of it on long leases whose renewal depends on the programmes they support. Renamed from Corporate Office Properties Trust in 2023 as it narrowed its focus on defense.
Moat: narrow (customer qualification, installed base, regulatory licence). Properties are purpose-built/secured near intelligence-community sites, requiring clearances hard to replicate.
Headquarters: Columbia, Maryland, United States · Founded: 1988 · Employees: 430
Size COPT Defense Properties (CDP) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $7.43B, the 932nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $32.87 on 6 Nov 2026.
Performance Over six months the shares gained 3.7%, against -0.2% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 7.2% over the last twelve months (peer median +5.3%); the operating margin is 30.2% (peer median 41.5%).
Valuation It trades at 2.42× book value against a peer median of 1.39× (5th most expensive of 21).
Price implies The share price implies a return on equity of about 17.3%; COPT Defense Properties delivers 11.2%, so the price asks more than the business earns today.
Short interest Short interest is 8.9% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $804M | $764M | $753M | $685M | $739M |
| Revenue growth | — | +1% | +10% | -7% | — |
| Gross profit | $293M | $280M | $262M | $233M | $222M |
| EBITDA | $413M | $392M | $367M | $337M | $323M |
| Net income | $170M | $152M | $139M | -$73.5M | $173M |
| Free cash flow | n/a | $254M | $251M | $201M | $218M |
| Capital expenditure | n/a | $99.7M | $97.7M | $104M | $93.6M |
| Total debt | $2.62B | $2.81B | $2.44B | $2.45B | $2.26B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| COPT Defense Properties CDP | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% |
| BXP BXP | $10.4B | +11% | +3% | 10% | 2.00× | 17.2% |
| Easterly Government Properties DEA | $1.06B | -4% | +11% | 1% | 0.82× | 8.6% |
| Kilroy Realty KRC | $4.21B | +3% | -4% | 1% | 0.80× | 9.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CDP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | +5.5% | 3rd lowest of 21 |
| 6-month return | +3.7% | -0.2% | 9th highest of 21 |
| Return on equity | 11.2% | 6.6% | 4th highest of 21 |
| Price / book | 2.42× | 1.39× | 5th most expensive of 21 |
| Trailing P/E | 22.2× | 18.8× | 6th most expensive of 15 |
| ROE the price implies | 17.3% | 11.8% | 5th most demanding of 21 |
| ROE delivered | 11.2% | 6.7% | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% | 11.2% |
| Land Securities LAND.L | United Kingdom | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% | 5.3% |
| Charter Hall CHC.AX | Australia | $7.26B | +14% | -19% | 37% | 18.01× | 213.5% | 36.9% |
| Terreno Realty TRNO | United States | $7.24B | 0% | +18% | 9% | 1.61× | 14.0% | 9.2% |
| Stockland SGP.AX | Australia | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% | 9.5% |
| First Industrial Realty Trust FR | United States | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% | 13.2% |
| Alexandria Real Estate Equities ARE | United States | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% | -9.1% |
| STAG Industrial STAG | United States | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% | 7.6% |
| Macerich MAC | United States | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% | -14.5% |
| NNN REIT NNN | United States | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% | 8.9% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | Canada | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% | -1.7% |
| Vicinity Centres VCX.AX | Australia | $8.01B | 0% | +3% | 12% | 0.94× | 9.7% | 12.0% |
| Rexford Industrial Realty REXR | United States | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% | -5.9% |
| GPT GPT.AX | Australia | $6.88B | +11% | -8% | 10% | 0.92× | 11.0% | 10.0% |
| MERLIN Properties SOCIMI MRL.MC | Spain | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% | 9.9% |
| Nippon Building Fund 8951.T | Japan | $6.75B | -8% | -21% | 6% | 1.41× | 5.3% | 5.9% |
| Vornado Realty Trust VNO | United States | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% | 0.2% |
| Healthcare Realty Trust HR | United States | $6.50B | -5% | -6% | -2% | 1.56× | 11.9% | -2.0% |
| Rayonier RYN | United States | $6.45B | +6% | -13% | 2% | 1.23× | 10.9% | 2.0% |
| CapitaLand Ascendas REIT A17U.SI | Singapore | $8.83B | -9% | +7% | 7% | 0.99× | 5.2% | 7.0% |
| Essential Properties Realty Trust EPRT | United States | $6.21B | -11% | +21% | 6% | 1.36× | 11.1% | 6.3% |