Security
COPT Defense Properties · CDP
CDPNYSECommon stockCurrentCIK 860546Updated Oct 30, 2026
Name history
CORPORATE OFFICE PROPERTIES TRUST · through Sep 14, 2023CORPORATE OFFICE PROPERTIES TRUST INC · through Jan 22, 1998ROYALE INVESTMENTS INC · through Nov 24, 1997
CDP price & chart
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NYSE:CDP on TradingView ↗About the company
COPT Defense, an S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating, and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions (referred to as its Defense/IT Portfolio). The Company’s 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. As of September 30, 2026, the Company’s Defense/IT Portfolio of 202 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.3 million square feet and was 96.2% leased.
In the news
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Recent filings
Results of Operations and Financial Condition
Items 2.02, 9.01
10-Q filing
Results of Operations and Financial Condition
Items 2.02, 9.01
Submission of Matters to a Vote of Security Holders
Items 5.07, 9.01
4 filing
Show 5 more recent filings
Financials
FY 2025 · USDSource
Source
Source
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balance sheet · annual statements
| Line item | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q2 2024 | Q1 2026 | Q1 2025 | Q1 2024 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||||
| AssetsUSD | 4,351,432,000Source | 4,234,302,000Source | 4,515,281,000Source | 4,286,950,000Source | 4,219,338,000Source | 4,458,909,000Source | 4,250,311,000Source | 4,232,895,000Source | 4,701,790,000Source | 4,254,191,000Source | 4,246,966,000Source | 4,257,275,000Source |
| Property, Plant and Equipment, NetUSD | — | — | — | — | — | — | — | — | — | — | — | 8,286,000Source |
| Intangible Assets, Net (Excluding Goodwill)USD | — | — | — | — | — | — | — | — | 19,773,000Source | 10,698,000Source | 6,852,000Source | 9,959,000Source |
| Current assets: | ||||||||||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 23,687,000Source | 34,478,000Source | 24,157,000Source | 21,288,000Source | 100,443,000Source | 28,580,000Source | 24,292,000Source | 123,144,000Source | 274,986,000Source | 38,284,000Source | 167,820,000Source | 12,337,000Source |
| Accounts Receivable | —Source | —Source | —Source | —Source | —Source | —Source | —Source | —Source | —Source | —Source | —Source | —Source |
| Operating Lease, Right-of-Use AssetUSD | 51,838,000Source | 40,523,000Source | 47,405,000Source | 53,271,000Source | 40,899,000Source | 48,906,000Source | 54,374,000Source | 40,368,000Source | 50,383,000Source | 55,760,000Source | 41,296,000Source | 37,020,000Source |
| LIABILITIES AND EQUITY | ||||||||||||
| LiabilitiesUSD | 2,772,176,000Source | 2,679,271,000Source | 2,909,439,000Source | 2,717,951,000Source | 2,666,067,000Source | 2,867,138,000Source | 2,688,481,000Source | 2,683,883,000Source | 3,114,115,000Source | 2,693,624,000Source | 2,699,631,000Source | 2,509,527,000Source |
| Stockholders’ equity: | ||||||||||||
| Common Stock, Value, IssuedUSD | 1,130,000Source | 1,127,000Source | 1,134,000Source | 1,129,000Source | 1,127,000Source | 1,134,000Source | 1,129,000Source | 1,126,000Source | 1,132,000Source | 1,127,000Source | 1,126,000Source | 1,124,000Source |
| Additional Paid in CapitalUSD | 2,497,736,000Source | 2,493,340,000Source | 2,503,639,000Source | 2,495,422,000Source | 2,489,931,000Source | 2,500,341,000Source | 2,492,454,000Source | 2,487,468,000Source | 2,502,661,000Source | 2,494,369,000Source | 2,489,989,000Source | 2,486,116,000Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxUSD | 79,000Source | 58,000Source | 9,000Source | 342,000Source | 3,614,000Source | 34,000Source | 403,000Source | 3,849,000Source | -61,000Source | 988,000Source | 2,115,000Source | 2,071,000Source |
| Stockholders' Equity Attributable to ParentUSD | 1,507,010,000Source | 1,489,265,000Source | 1,528,224,000Source | 1,497,675,000Source | 1,486,585,000Source | 1,514,803,000Source | 1,490,866,000Source | 1,482,479,000Source | 1,514,775,000Source | 1,493,083,000Source | 1,483,912,000Source | 1,681,803,000Source |
| Liabilities and EquityUSD | 4,351,432,000Source | 4,234,302,000Source | 4,515,281,000Source | 4,286,950,000Source | 4,219,338,000Source | 4,458,909,000Source | 4,250,311,000Source | 4,232,895,000Source | 4,701,790,000Source | 4,254,191,000Source | 4,246,966,000Source | 4,257,275,000Source |
| Stockholders' Equity Attributable to Noncontrolling InterestUSD | 48,029,000Source | 43,330,000Source | 52,737,000Source | 48,066,000Source | 43,921,000Source | 51,838,000Source | 47,425,000Source | 43,567,000Source | 47,394,000Source | 43,510,000Source | 39,843,000Source | 39,652,000Source |
| Additional Financial Items | ||||||||||||
| Dividends PayableUSD | 35,220,000Source | 33,915,000Source | 37,111,000Source | 35,214,000Source | 33,908,000Source | 37,102,000Source | 35,208,000Source | 33,906,000Source | 35,205,000Source | 33,909,000Source | 32,644,000Source | 31,400,000Source |
| Long-term DebtUSD | 2,443,518,000Source | 2,390,839,000Source | 2,592,436,000Source | 2,438,591,000Source | 2,389,925,000Source | 2,546,958,000Source | 2,412,670,000Source | 2,416,873,000Source | 2,767,834,000Source | 2,391,755,000Source | 2,416,287,000Source | 2,231,794,000Source |
| Redeemable Noncontrolling Interest, Equity, Carrying AmountUSD | 24,217,000Source | 22,436,000Source | 24,881,000Source | 23,258,000Source | 22,765,000Source | 25,130,000Source | 23,539,000Source | 22,966,000Source | 25,506,000Source | 23,974,000Source | 23,580,000Source | 26,293,000Source |
cash flow · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestUSD | — | — | 43,744,000Source | 37,397,000Source | 48,559,000Source | 40,166,000Source | 40,139,000Source | 36,228,000Source | 159,534,000Source | 143,942,000Source | -74,347,000Source | 178,822,000Source |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation, Depletion and AmortizationUSD | — | — | — | — | — | — | 43,101,000Source | 39,901,000Source | 163,699,000Source | 156,015,000Source | 151,395,000Source | 143,593,000Source |
| Share-based Payment Arrangement, Noncash ExpenseUSD | — | — | — | — | — | — | 3,186,000Source | 2,854,000Source | 11,693,000Source | 10,443,000Source | 8,544,000Source | 8,789,000Source |
| Changes in operating assets and liabilities: | ||||||||||||
| Increase (Decrease) in Accounts ReceivableUSD | — | — | — | — | — | — | -6,466,000Source | 3,628,000Source | 15,936,000Source | -6,498,000Source | 5,618,000Source | 2,436,000Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | — | — | — | — | — | — | 96,414,000Source | 72,076,000Source | 309,933,000Source | 330,955,000Source | 276,274,000Source | 265,825,000Source |
| Cash flows from investing activities: | ||||||||||||
| Net Cash Provided by (Used in) Investing ActivitiesUSD | — | — | — | — | — | — | -82,300,000Source | -69,546,000Source | -289,743,000Source | -291,010,000Source | -169,623,000Source | -83,457,000Source |
| Payments for (Proceeds from) Other Investing ActivitiesUSD | — | — | — | — | — | — | -3,433,000Source | -385,000Source | 1,466,000Source | 105,000Source | 1,355,000Source | 97,000Source |
| Cash flows from financing activities: | ||||||||||||
| Net Cash Provided by (Used in) Financing ActivitiesUSD | — | — | — | — | — | — | -260,171,000Source | -16,181,000Source | 216,544,000Source | -169,672,000Source | 46,264,000Source | -183,175,000Source |
| Payments of Ordinary Dividends, Common StockUSD | — | — | — | — | — | — | 34,555,000Source | 33,279,000Source | 136,598,000Source | 131,840,000Source | 127,178,000Source | 123,645,000Source |
| Proceeds from (Payments for) Other Financing ActivitiesUSD | — | — | — | — | — | — | -3,219,000Source | -2,441,000Source | -5,528,000Source | -5,583,000Source | -4,263,000Source | -6,289,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | — | — | — | — | — | — | -246,057,000Source | -13,651,000Source | 236,734,000Source | -129,727,000Source | 152,915,000Source | -807,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | 24,790,000Source | 35,671,000Source | 24,157,000Source | 23,383,000Source | 30,374,000Source | 26,046,000Source | 276,431,000Source | 39,697,000Source | 169,424,000Source | 16,509,000Source |
| Supplemental disclosure of cash flow information: | ||||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | — | — | — | — | — | — | 19,029,000Source | 20,499,000Source | 75,405,000Source | 75,549,000Source | 59,807,000Source | 56,061,000Source |
| Additional Financial Items | ||||||||||||
| Share-based Payment Arrangement, ExpenseUSD | — | — | — | — | — | — | — | — | 12,387,000Source | 10,968,000Source | 9,120,000Source | 9,637,000Source |
| Amortization of Debt Issuance Costs and DiscountsUSD | — | — | — | — | — | — | 2,049,000Source | 1,718,000Source | 7,261,000Source | 6,818,000Source | 5,574,000Source | 4,737,000Source |
| Amortization of Intangible AssetsUSD | — | — | — | — | — | — | — | — | — | — | — | 4,600,000Source |
| Derivative, Gain (Loss) on Derivative, NetUSD | — | — | — | — | — | — | — | — | — | — | — | 0Source |
| Dividends PayableUSD | — | — | 35,220,000Source | 33,915,000Source | 37,111,000Source | 35,214,000Source | 37,102,000Source | 35,208,000Source | 35,205,000Source | 33,909,000Source | 32,644,000Source | 31,400,000Source |
| Equity Method Investment, Realized Gain (Loss) on DisposalUSD | — | — | — | — | — | — | — | — | — | — | — | 0Source |
| Gain (Loss) on Derivative Instruments, Net, PretaxUSD | — | — | — | — | — | — | — | — | — | — | — | 0Source |
| Gain (Loss) on Disposition of AssetsUSD | — | — | 3,018,000Source | 0Source | — | 0Source | 582,000Source | 300,000Source | 3,350,000Source | 0Source | 49,392,000Source | 19,250,000Source |
| Gain (Loss) on Sale of PropertiesUSD | — | — | — | — | 6,442,000Source | 0Source | 582,000Source | 300,000Source | 3,350,000Source | 0Source | 49,392,000Source | 47,814,000Source |
| Gain (Loss) on Extinguishment of DebtUSD | — | — | — | — | — | — | — | — | -66,000Source | 0Source | 0Source | -609,000Source |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to ParentUSD | — | — | — | — | — | — | — | — | — | — | — | 149,249,000Source |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | — | — | — | — | — | — | — | — | — | 143,942,000Source | -74,347,000Source | 149,249,000Source |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | — | — | — | — | — | — | — | — | — | 0Source | 0Source | 29,573,000Source |
| Income (Loss) from Equity Method InvestmentsUSD | — | — | 1,815,000Source | 85,000Source | 392,000Source | 355,000Source | 1,406,000Source | 371,000Source | 2,806,000Source | 397,000Source | -261,000Source | 1,743,000Source |
| Income Tax Expense (Benefit)USD | — | — | 612,000Source | 130,000Source | 34,000Source | 117,000Source | 124,000Source | 103,000Source | 947,000Source | 288,000Source | 588,000Source | 447,000Source |
| InterestExpenseNonoperatingUSD | — | — | 20,894,000Source | 20,376,000Source | 24,444,000Source | 20,938,000Source | 23,996,000Source | 20,504,000Source | 86,660,000Source | 82,151,000Source | — | — |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | — | 41,566,000Source | 35,958,000Source | 46,218,000Source | 38,190,000Source | 38,365,000Source | 34,573,000Source | 151,693,000Source | — | — | — |
| Operating Lease, Lease IncomeUSD | — | — | 178,272,000Source | 170,549,000Source | 188,806,000Source | 175,598,000Source | 192,971,000Source | 175,308,000Source | 714,180,000Source | 671,366,000Source | 619,847,000Source | 580,169,000Source |
| Other Nonoperating Income (Expense)USD | — | — | 2,591,000Source | 3,324,000Source | 2,973,000Source | 1,223,000Source | 3,955,000Source | 1,568,000Source | 10,683,000Source | 12,661,000Source | 12,587,000Source | — |
| Payments of Financing CostsUSD | — | — | — | — | — | — | — | — | 10,589,000Source | 0Source | 1,030,000Source | 6,506,000Source |
income statement · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total RevenueUSD | — | — | 188,795,000Source | 189,225,000Source | 197,392,000Source | 189,915,000Source | 200,637,000Source | 187,856,000Source | 763,923,000Source | 753,267,000Source | 684,982,000Source | 739,030,000Source |
| Selling, General and Administrative ExpenseUSD | — | — | 12,030,000Source | 11,416,000Source | 13,264,000Source | 11,911,000Source | 12,649,000Source | 12,156,000Source | 47,840,000Source | 47,038,000Source | 42,769,000Source | 35,798,000Source |
| Other Nonoperating Income (Expense)USD | — | — | 2,591,000Source | 3,324,000Source | 2,973,000Source | 1,223,000Source | 3,955,000Source | 1,568,000Source | 10,683,000Source | 12,661,000Source | 12,587,000Source | — |
| Income Tax Expense (Benefit)USD | — | — | 612,000Source | 130,000Source | 34,000Source | 117,000Source | 124,000Source | 103,000Source | 947,000Source | 288,000Source | 588,000Source | 447,000Source |
| Earnings Per Share, BasicUSD per share | — | — | 0.37Source | 0.32Source | 0.41Source | 0.34Source | 0.34Source | 0.31Source | 1.35Source | 1.23Source | -0.67Source | 1.54Source |
| Earnings Per Share, DilutedUSD per share | — | — | 0.37Source | 0.32Source | 0.4Source | 0.34Source | 0.34Source | 0.31Source | 1.34Source | 1.23Source | -0.67Source | 1.53Source |
| Weighted Average Number of Shares Outstanding, Basicshares | — | — | 112,485,000Source | 112,314,000Source | 112,871,000Source | 112,459,000Source | 112,806,000Source | 112,383,000Source | 112,516,000Source | 112,296,000Source | 112,178,000Source | 112,073,000Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | — | — | 113,187,000Source | 113,010,000Source | 114,896,000Source | 113,224,000Source | 114,309,000Source | 113,026,000Source | 113,304,000Source | 112,899,000Source | 112,178,000Source | 112,620,000Source |
| Interest Expense (non-operating)USD | — | — | 20,894,000Source | 20,376,000Source | 24,444,000Source | 20,938,000Source | 23,996,000Source | 20,504,000Source | 86,660,000Source | 82,151,000Source | — | — |
| Additional Financial Items | ||||||||||||
| Amortization of Intangible AssetsUSD | — | — | — | — | — | — | — | — | — | — | — | 4,600,000Source |
| Common Stock, Dividends, Per Share, DeclaredUSD per share | — | — | 0.31Source | 0.3Source | 0.32Source | 0.31Source | 0.32Source | 0.31Source | 1.22Source | 1.18Source | 1.14Source | 1.1Source |
| Costs and ExpensesUSD | — | — | 130,969,000Source | 134,731,000Source | 134,162,000Source | 130,272,000Source | 142,321,000Source | 133,260,000Source | 533,555,000Source | 539,944,000Source | 749,317,000Source | 557,614,000Source |
| Depreciation, Depletion and Amortization, NonproductionUSD | — | — | 40,631,000Source | 38,307,000Source | 42,289,000Source | 39,573,000Source | 42,685,000Source | 39,359,000Source | 161,826,000Source | 153,640,000Source | 148,950,000Source | 141,230,000Source |
| Gain (Loss) on Derivative Instruments, Net, PretaxUSD | — | — | — | — | — | — | — | — | — | — | — | 0Source |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to ParentUSD | — | — | — | — | — | — | — | — | — | — | — | 149,249,000Source |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | — | — | — | — | — | — | — | — | — | 143,942,000Source | -74,347,000Source | 149,249,000Source |
| Income (Loss) from Continuing Operations, Per Basic ShareUSD per share | — | — | — | — | — | — | — | — | — | 1.23Source | -0.67Source | 1.28Source |
| Income (Loss) from Continuing Operations, Per Diluted ShareUSD per share | — | — | — | — | — | — | — | — | — | 1.23Source | -0.67Source | 1.27Source |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | — | — | — | — | — | — | — | — | — | 0Source | 0Source | 29,573,000Source |
| Income (Loss) from Equity Method InvestmentsUSD | — | — | 1,815,000Source | 85,000Source | 392,000Source | 355,000Source | 1,406,000Source | 371,000Source | 2,806,000Source | 397,000Source | -261,000Source | 1,743,000Source |
| Interest ExpenseUSD | — | — | — | — | — | — | — | — | — | — | 71,142,000Source | 61,174,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | — | 41,566,000Source | 35,958,000Source | 46,218,000Source | 38,190,000Source | 38,365,000Source | 34,573,000Source | 151,693,000Source | — | — | — |
| Net Income (Loss) from Continuing Operations Available to Common Shareholders, BasicUSD | — | — | — | — | — | — | — | — | — | 138,419,000Source | -74,668,000Source | 143,426,000Source |
| Operating Lease, Lease IncomeUSD | — | — | 178,272,000Source | 170,549,000Source | 188,806,000Source | 175,598,000Source | 192,971,000Source | 175,308,000Source | 714,180,000Source | 671,366,000Source | 619,847,000Source | 580,169,000Source |
| Lease Income | — | — | — | — | —Source | —Source | — | — | — | — | — | — |
Filing attachments
cdp09302026ex991.htm · 8-K · 2026-10-29
Exhibit 99.1 COPT Defense Properties Supplemental Information + Earnings Release - Unaudited For the Period Ended 9/30/26 OVERVIEW Summary Description 1 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────…
Read attachment ↗cdp06302026ex991.htm · 8-K · 2026-07-27
EX-99.1 2 cdp06302026ex991.htm EX-99.1 Document Exhibit 99.1 COPT Defense Properties Supplemental Information + Earnings Release - Unaudited For the Period Ended 6/30/26 OVERVIEW Summary Description 1 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────…
Read attachment ↗cdp03312026ex991.htm · 8-K · 2026-04-27
EX-99.1 2 cdp03312026ex991.htm EX-99.1 Document Exhibit 99.1 COPT Defense Properties Supplemental Information + Earnings Release - Unaudited For the Period Ended 3/31/26 OVERVIEW Summary Description 1 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────…
Read attachment ↗cdp12312025ex991.htm · 8-K · 2026-02-05
Exhibit 99.1 COPT Defense Properties Supplemental Information + Earnings Release - Unaudited For the Period Ended 12/31/25 OVERVIEW Summary Description 1 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────…
Read attachment ↗cdp1302026ex991.htm · 8-K · 2026-02-04
Exhibit 99.1 COPT DEFENSE PROPERTIES COPT DEFENSE PROPERTIES L.P. SECOND AMENDED & RESTATED EXECUTIVE CHANGE IN CONTROL AND SEVERANCE PLAN Effective: January 1, 2026 1. Adoption of Plan; Covered Executives. The Board of Trustees (the “Board”) of COPT Defense Properties, a Maryland real estate investment trust (the “Company”) and the general partner of Corporate Office Properties L.P., a Delaware limited partnership (the “Employer”), have determined that this Second Amended & Restated Execu…
Read attachment ↗cdp1302026ex992.htm · 8-K · 2026-02-04
Exhibit 99.2 LETTER AGREEMENT January 30, 2026 Dear Stephen E. Budorick: We are pleased to inform you that the Board of Trustees of COPT Defense Properties (the “Company”) has determined that, effective as of January 1, 2026 (the “Participation Date”), you will continue to participate in the COPT Defense Properties, COPT Defense Properties L.P. Second Amended & Restated Executive Change in Control and Severance Plan (the “Plan”) as a Covered Executive, subject to the terms and conditions of …
Read attachment ↗