olivLaw · US equity research
COPT Defense Properties CDP
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
COPT Defense Properties is a REIT that owns and develops properties near U.S. Government defense installations and missions, with a portfolio mainly of offices and single-tenant data center shells. For investors, its current relevance lies in demand for secured space linked to rising defense budgets, while quarterly results show stable occupancy and growing FFO per share.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, COPT Defense Properties (CDP) stock was 32.35 USD (−2.30% on the day), with market capitalisation 3.7 bn USD, P/E 21.6 on diluted EPS of 1.50 USD over the last 12 months, dividend yield 3.91%, beta 0.37, 52-week range 27.49–38.35 USD. Latest reported quarter (Q3 2026): revenue of 208.8 m USD (+10.6% YoY), net income of 49.8 m USD (+13.8% YoY), diluted EPS 0.41 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 36.1
- weak (30–45)
- Bollinger (20, 2)
- 32.51 – 34.30
- below the lower band · %B -0.09 · band width 5.4%
- SMA 50 / 200
- 34.12 / 33.64
- mixed trend
- MACD (12, 26, 9)
- -0.30 / -0.25
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.9% | −5.9% | +2.0 pp | — |
| 3 months | −13.1% | −4.6% | −8.4 pp | — |
| 6 months | +1.7% | +0.2% | +1.4 pp | — |
| Year to date | +16.4% | +7.4% | +8.9 pp | — |
| 1 year | +12.4% | +8.2% | +4.2 pp | +3.4% |
| 3 years | +37.3% | +68.4% | −31.1 pp | +22.4% |
| 5 years | +13.8% | +56.5% | −42.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 183.4 m | 187.9 m | 189.9 m | 188.8 m | 197.4 m | 200.6 m | 197.4 m | 208.8 m |
| SG&A | 11.8 m | 12.2 m | 11.9 m | 12.0 m | 11.7 m | 12.6 m | 13.3 m | 12.6 m |
| Depreciation & amortisation | 39.4 m | 39.9 m | 39.6 m | 40.6 m | 42.7 m | 43.1 m | 42.3 m | 43.0 m |
| Interest expense | 20.4 m | 20.5 m | 20.9 m | 20.9 m | 24.3 m | 24.0 m | 24.4 m | 24.4 m |
| Pre-tax income | 36.2 m | 36.0 m | 39.9 m | 42.5 m | 39.2 m | 38.9 m | 48.2 m | 49.5 m |
| Income tax | -24.0 k | 103.0 k | 117.0 k | 612.0 k | 115.0 k | 124.0 k | 34.0 k | 96.0 k |
| Net income | 36.5 m | 36.2 m | 40.2 m | 43.7 m | 39.4 m | 40.1 m | 48.6 m | 49.8 m |
| Diluted EPS | 0.32 ≈ | 0.31 | 0.34 | 0.37 | 0.35 ≈ | 0.34 | 0.40 | 0.41 |
| Operating cash flow | 101.1 m | 72.1 m | 87.9 m ≈ | 68.6 m ≈ | 81.3 m | 96.4 m | 91.1 m ≈ | 86.4 m ≈ |
| Dividends paid | 33.3 m | 33.3 m | 34.4 m ≈ | 34.4 m ≈ | 34.4 m | 34.6 m | 36.3 m ≈ | 36.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 34 percentile of its own 35-quarter history (min 12.8, median 24.7, max 300.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 578.1 m | 611.8 m | 582.4 m | 664.4 m | 739.0 m | 685.0 m | 753.3 m | 763.9 m |
| Revenue YoY | −5.7% | +5.8% | −4.8% | +14.1% | +11.2% | −7.3% | +10.0% | +1.4% |
| Net income | 72.3 m | 191.7 m | 97.4 m | 81.6 m | 178.8 m | -74.3 m | 143.9 m | 159.5 m |
| Net income YoY | +5.2% | +165.1% | −49.2% | −16.2% | +119.2% | −141.6% | unavailable | +10.8% |
| Diluted EPS | 0.69 | 1.71 | 0.87 | 0.68 | 1.53 | -0.67 | 1.23 | 1.34 |
| Diluted EPS YoY | +23.2% | +147.8% | −49.1% | −21.8% | +125.0% | −143.8% | unavailable | +8.9% |
| net % | 12.5% | 31.3% | 16.7% | 12.3% | 24.2% | -10.9% | 19.1% | 20.9% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 275.0 m USD
- Financial debt
- 2.8 bn USD
- Net debt
- 2.5 bn USD
- Equity
- 1.6 bn USD
- Total assets
- 4.7 bn USD
- Debt / equity
- 1.77x
- Current ratio
- unavailable
- ROE
- 10.3%
- ROA
- 3.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 582.4 m | 664.4 m | 739.0 m | 685.0 m | 753.3 m | 763.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 67.6 m | 104.1 m | — | — | — | — | SEC (XBRL)· 22 Feb 2022verified |
| Gross profit | 514.7 m ≈ | 560.4 m ≈ | — | — | — | — | SEC (XBRL)· 22 Feb 2022derived |
| SG&A | 33.0 m | 40.8 m | 39.0 m | 42.8 m | 47.0 m | 47.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 140.0 m | 150.6 m | 143.6 m | 151.4 m | 156.0 m | 163.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Interest expense | 67.9 m | 65.4 m | 61.2 m | 71.1 m | 82.2 m | 86.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 99.1 m | 77.3 m | 148.0 m | -73.5 m | 143.8 m | 157.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 353.0 k | 145.0 k | 447.0 k | 588.0 k | 288.0 k | 947.0 k | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 97.4 m | 81.6 m | 178.8 m | -74.3 m | 143.9 m | 159.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 0.87 | 0.68 | 1.53 | -0.67 | 1.23 | 1.34 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 112.1 m | 112.4 m | 112.6 m | 112.2 m | 112.9 m | 113.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 1.10 | 1.10 | 1.10 | 1.14 | 1.18 | 1.22 | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 18.4 m | 13.3 m | 12.3 m | 167.8 m | 38.3 m | 275.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 10.4 m | 9.6 m | 8.3 m | — | — | — | SEC (XBRL)· 24 Feb 2023verified |
| Intangibles (excl. goodwill) | 19.2 m | 14.6 m | 10.0 m | 6.9 m | 10.7 m | 19.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 4.1 bn | 4.3 bn | 4.3 bn | 4.2 bn | 4.3 bn | 4.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 2.1 bn | 2.3 bn | 2.2 bn | 2.4 bn | 2.4 bn | 2.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 2.4 bn | 2.6 bn | 2.5 bn | 2.7 bn | 2.7 bn | 3.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 1.7 bn | 1.7 bn | 1.7 bn | 1.5 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 238.4 m | 249.1 m | 265.8 m | 276.3 m | 331.0 m | 309.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Investing cash flow | -325.8 m | -203.0 m | -83.5 m | -169.6 m | -291.0 m | -289.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | 91.3 m | -50.9 m | -183.2 m | 46.3 m | -169.7 m | 216.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 123.4 m | 123.5 m | 123.6 m | 127.2 m | 131.8 m | 136.6 m | SEC (XBRL)· 20 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Growth11
- Returns42
- Valuation48
- Quality80
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.48 – 35.59 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)16.03 – 21.56 (Mid 18.39)
- Peers: P/B12.48 – 35.59 (Mid 22.79)31 companies used · median multiple 1.7x · quartiles 0.9x – 2.6xABR, CTRE, CUBE, DEA, DLR, ESS, EXR, HIW, HST, IOR, KIM, LINE, LOAN, MAC, NHI, NHP, NTST, O, OHI, PECO, PLD, PSA, REFI, REXR, SACH, VICI, VMRK, VNO, VTR, WELL, XRN
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 11.7% | 80 (vs peers) | 10% |
| EBITDA margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 1.1% | 11 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 2.4x | 38 (vs peers) | 31% |
| P/E (TTM) · Valuation | 21.6x | 69 (vs peers) | 14% |
| Dividend yield · Returns | 3.9% | 39 (vs peers) | 24% |
| Payout ratio (EPS) · Returns | 84.5% | 51 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/2 factors with a value
- Growth11/100 · 1/1 factors with a value
- Quality· partial80/100 · 1/2 factors with a value
- Returns42/100 · 2/2 factors with a value
- Valuation48/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
COPT DEFENSE PROPERTIES (CDP). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 763.9 m USD in 2025; YoY growth 1.4%; net margin 22.1%; ROE 11.7%.
The estimated value range is 14.26–28.57 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 20.59 USD, the price of 32.35 USD leaves a potential of -36.4% (value / price − 1) and a margin of safety of -57.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 11.7%
What contradicts it
- Revenue CAGR 3Y: 1.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage.
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 180.0 bn | 105.1 | 4.0% | 12.7% | +35.6% | +18% / +175% |
| PLDPrologis, Inc. | 119.9 bn | 32.4 | 7.1% | 42.5% | +7.2% | +0% / +12% |
| EQIXEquinix Inc | 98.7 bn | 59.9 | 11.5% | 16.4% | +5.4% | +32% / +22% |
| AMTAmerican Tower Corporation | 90.0 bn | 27.2 | 90.6% | 30.7% | +5.1% | +7% / −7% |
| PSAPublic Storage | 63.6 bn | 34.6 | 16.0% | 37.8% | +2.7% | +24% / +32% |
| DLRDigital Realty Trust, Inc. | 61.4 bn | 45.6 | 6.2% | 21.7% | +10.0% | +9% / +26% |
| ORealty Income Corporation | 56.6 bn | 41.0 | 3.6% | 22.9% | +9.1% | +3% / +10% |
| VTRVentas, Inc. | 47.1 bn | 167.5 | 1.9% | 4.0% | +18.5% | +10% / +94% |
| CCICrown Castle Inc. | 38.7 bn | 47.9 | — | 20.1% | −4.4% | −0% / −22% |
| EXRExtra Space Storage Inc. | 33.4 bn | 32.6 | 7.9% | 29.9% | +3.7% | +20% / +23% |
| IRMIron Mountain Inc | 31.4 bn | 68.4 | — | 6.1% | +12.2% | +22% / +64% |
| VICIVICI Properties Inc. | 27.8 bn | 11.6 | 8.3% | 56.5% | +4.1% | −13% / −16% |
| VMRKVivmark Residential | 24.5 bn | 28.6 | 8.1% | — | +4.8% | +6% / +15% |
| SBACSba Communications Corporation | 20.2 bn | 20.8 | — | 34.5% | +5.1% | −1% / −22% |
| ESSEssex Property Trust, Inc. | 17.4 bn | 41.7 | 8.0% | 22.7% | +6.4% | +3% / +27% |
| KIMKimco Realty Corporation | 17.2 bn | 28.3 | 5.8% | 27.8% | +5.1% | +24% / +33% |
| HSTHost Hotels & Resorts, Inc. | 16.9 bn | 16.5 | 15.8% | 16.5% | +7.6% | +40% / +41% |
| OHIOmega Healthcare Investors, Inc. | 14.6 bn | 19.5 | 14.5% | 58.1% | +13.2% | +5% / +51% |
| ELSEquity Lifestyle Properties, Inc. | 12.3 bn | 31.0 | 23.1% | 25.6% | +0.3% | +0% / −11% |
| CUBECubesmart | 10.3 bn | 32.0 | 11.8% | 28.7% | +5.3% | +22% / +14% |
| CTRECareTrust REIT, Inc. | 9.6 bn | 23.4 | 7.8% | 59.2% | +60.8% | −1% / +61% |
| LINELineage, Inc. | 9.0 bn | — | -2.0% | -3.1% | +0.3% | +10% / unavailable |
| REXRRexford Industrial Realty, Inc. | 8.1 bn | — | -5.8% | -47.1% | +7.1% | −8% / −22% |
| MACMacerich Co | 7.1 bn | — | -3.8% | -9.8% | +10.4% | +44% / +118% |
| VNOVornado Realty Trust | 6.7 bn | 357.7 | 1.1% | 3.7% | +1.3% | −3% / +52% |
1- and 3-year price returns: for CDP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 19.36 Total return -37% · Per year -37% | 34.28 Total return 10% · Per year 10% | 51.71 Total return 65% · Per year 65% |
| 3 years | 17.53 Total return -37% · Per year -14% | 35.04 Total return 21% · Per year 7% | 58.22 Total return 96% · Per year 25% |
| 5 years | 15.87 Total return -37% · Per year -9% | 35.83 Total return 32% · Per year 6% | 65.56 Total return 131% · Per year 18% |
- Exit P/E± 8.76
- Net margin± 6.13
- Annual revenue growth± 5.20
- Annual dilution± 0.52
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (29 Oct 2026 · results).
In brief
COPT Defense Properties is a REIT that owns and develops properties near U.S. Government defense installations and missions, with a portfolio mainly of offices and single-tenant data center shells. For investors, its current relevance lies in demand for secured space linked to rising defense budgets, while quarterly results show stable occupancy and growing FFO per share 13.
SWOT
Strengths
- The portfolio is tied to defense missions with stable demand, and tenants have strong reasons to stay because of investments made in secured space 1.
- The company holds a leading position in a supply-constrained submarket in Chantilly, where it is the largest landlord, which could limit new competition 1.
- Investment grade ratings and access to expanded credit lines give financial flexibility 13.
Weaknesses
- Heavy exposure to a single major tenant, the U.S. Government, and to one cloud computing customer makes revenue sensitive to these tenants' decisions 1.
- The portfolio is geographically concentrated in the Mid-Atlantic region, which amplifies the effect of local economic declines 1.
- The Other segment has weaker occupancy and does not fit the core strategy, and its sales depend on market conditions 12.
Opportunities
- Developments under way and controlled land could support revenue growth if demand for secured space stays high 1.
- Data center development could open new long-term contracts if suitable land stays accessible 1.
- Selling properties in the Other segment could free capital for investment in the defense portfolio 1.
Risks
- Dependence on the U.S. Governmenthigh
A major share of revenue comes from the U.S. Government, and its leases are mostly one-year terms with renewal options; a budget interruption could affect collections 1.
- Tenant concentrationhigh
The ten largest tenants account for most annualized rental revenue, and losing one major tenant could significantly affect cash flows 1.
- Geographic exposuremedium
Properties are concentrated in the Mid-Atlantic region and in certain business parks, which makes the company vulnerable to local market declines 1.
- Refinancing and interest ratesmedium
If interest rates rise or financing becomes unavailable, developments and refinancing could become more costly 1.
- Weaker office demandlow
If remote work models expand, demand for general offices could decline, particularly affecting the Other segment 1.
Investment thesis
What would need to be true (bull case)
- If defense budgets keep rising, demand for secured space could support high occupancy and favorable renewals in the core portfolio 13.
- A leading position in certain business parks and relationships with contractors could limit competition and support rents 1.
- If developments under way are completed with contracts already signed, rental revenue could grow in the following years 1.
What would break the thesis
- If the federal budget stalls again, renewals and new USG contracts could be delayed, affecting revenue 1.
- Dependence on a few large tenants could expose the company to sudden losses if a major tenant does not renew 1.
- Significant debt relative to assets could limit flexibility if financing becomes more expensive 13.
What to watch
- Occupancy and renewal trends in the Defense/IT portfolio, especially after scheduled 2026 expirationsQ3 2026
- Progress of developments under way and the timing of their placement in service2027
- Trends in FFO per share and the dividend relative to payout ratiosQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (29 Oct 2026 · results).
The business
The financial strategy aims to keep an investment grade rating and to fund mainly through unsecured fixed-rate debt, supplemented by nonrecourse secured loans. At June 30, 2026, debt was 57.4% of assets, and total assets were 4.5 billion USD 23. Reported credit ratings are BBB- (Fitch and S&P) and Baa2 (Moody's), all with stable outlook 3.
Segments
Data center shells
Northern Virginia data center shells are leased long-term on triple-net structures, with tenants funding critical power and infrastructure. One cloud computing customer represents a significant part of development activity, but single-customer exposure is also a risk 1.
Market context
Demand for the company's space is linked to U.S. defense spending and to contractors' need for secured space, which is hard to replace. The 2026 defense budget was increased with bipartisan support, and the company expects this trend to support demand 1. However, the general office market remains under pressure from hybrid work, and the Washington DC/Baltimore region was affected by federal spending cuts 1.
Rental cash flows are sensitive to interest rates and financing availability, especially for developments and refinancing. The company has meanwhile extended its credit lines and repaid its March 2026 bonds 12.
Trends
- Rising defense budgetstailwind
Budget increases approved for 2026 and legislation passed in 2025 could support demand for intelligence, cybersecurity and missile defense missions, which could support occupancy and rents in the portfolio 1.
- Demand for data centerstailwind
Development of data center shells tied to cloud computing and artificial intelligence could bring new long-term contracts, especially in Northern Virginia 1.
- Hybrid work in officesmixed
Remote and flexible work models could reduce demand for general offices, but defense properties are less exposed because employees must work on site for security reasons 1.
- Cost of financingheadwind
Higher interest rates or tighter financing conditions could make acquisitions and developments harder, although the company reports no significant variable-rate debt exposure 1.
Competitive position
The commercial real estate market is highly competitive, with rivals including other office landlords and listed REITs that may offer lower rents or have greater capital for acquisitions 1. Competition for talent and capital is also a relevant factor for the company 1.
The company's advantage lies in its established relationships with the USG and its contractors, and its experience building secured space, which new entrants could not easily replicate quickly 1.
- Other office landlords
They compete for tenants and land and may offer newer properties or lower rents 1.
- Listed commercial REITs
They compete for acquisitions of land and properties and for investment capital 1.
- Private equity-backed funds
Named as participants in acquisitions, with financial resources that may exceed the company's 1.
- Other data center investors
Competition for land and cloud computing customers could limit future development, though the sources name no specific firms 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- COPT Defense (CDP) Keeps Leasing Ahead Of Its Own TargetsYahoo Finance — News · 17 Sept 2026 · EN
The latest news item in our archive is from 17 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report27 Jul 2026Results of operations · Financial statements and exhibits
- Current report20 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report27 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Mar 2026
- Annual report20 Feb 2026
- Current report05 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / COPT Defense Properties · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / COPT Defense Properties · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / COPT Defense Properties · 27 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.