COPT Defense Properties CDP
COPT Defense Properties (the "Company" or "COPT Defense"), an S&P MidCap 400 Company, is a 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 (which we refer to herein as our Defense/IT Portfolio). Our tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements.
Snapshot
Reported FFO / AFFO / leverage are from the Q1 2026 earnings release (filed 2026-04-27) — 8-K, EX-99.1.
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.
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 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 |
| 2020-09-29 | 2020-09-30 | 2020-10-15 | — | $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).
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 |
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.