COPT Defense Properties
Landlord and developer of secure offices and data center shells supporting U.S. defense missions.
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Profile
Owns, operates, and develops secure offices and single-tenant data center shells near U.S. defense missions, earning rent from government agencies, defense contractors, and a cloud-computing customer. The Defense/IT Portfolio drives nearly all activity, while a small conventional-office segment remains slated for sale.
Owns, operates, and develops mission-critical office properties and single-tenant data center shells through the Defense/IT Portfolio. Sites cluster around the Fort Meade/Baltimore-Washington corridor, Redstone Arsenal, Northern Virginia, Lackland Air Force Base, and Navy installations, placing tenants near the missions they support.
Collects rent from the U.S. Government and defense contractors that need secured, specialized facilities. Development and operating teams deliver high-security office space and data center shells; shell tenants fund critical power, fiber, and computing infrastructure. A small Other segment holds conventional offices in the Greater Washington and Baltimore region for eventual sale.
Nearly all operating properties and the development pipeline serve the Defense/IT strategy. Lease demand depends on national-security budgets, government renewal decisions, and continued allocations from a concentrated cloud customer; REIT status also requires distributing most taxable income.
Company facts
Key statistics
Year to date +33.1% · Average volume (30d) 758.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 24, 2026 | Truist Financial | Target | $34 | $38 | |
| Jul 27, 2026 | Evercore ISI | Reiterate | Outperform | $41 | $42 |
| Jul 6, 2026 | Evercore ISI | Reiterate | Outperform | $38 | $41 |
| Jun 8, 2026 | Truist Financial | Target | $33 | $34 | |
| Apr 28, 2026 | Evercore ISI | Target | $34 | $38 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 27, 2026Q2 FY26 | $0.33 | $0.40 | +21.6% | $189.4M | $188.8M | −0.3% | −0.08% |
| Apr 27, 2026Q1 FY26 | $0.33 | $0.69 | +108.6% | $185.1M | $193.0M | +4.3% | −0.71% |
| Feb 5, 2026Q4 FY25 | $0.33 | $0.70 | +112.1% | $179.9M | $185.0M | +2.8% | +1.41% |
| Oct 30, 2025Q3 FY25 | $0.68 | $0.69 | +1.5% | $188.8M | $188.8M | 0.0% | +3.11% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $187.9M | $189.9M | $188.8M | $197.4M | $200.6M | $197.4M | |
| Gross profit | $66.8M | $71.6M | $29.2M | $27.9M | $119.2M | $118.8M | |
| Operating income | $54.6M | $59.6M | $57.8M | $58.4M | $58.3M | $63.3M | |
| Net income | $34.7M | $38.3M | $41.7M | $37.5M | $38.6M | $46.3M | |
| Diluted EPS | $0.31 | $0.34 | $0.37 | $0.33 | $0.34 | $0.41 | |
| Gross margin | 35.5% | 37.7% | 15.5% | 14.1% | 59.4% | 60.2% | |
| Operating margin | 29.1% | 31.4% | 30.6% | 29.6% | 29.1% | 32.1% |
Fiscal years (4-quarter sums)FY21 $642.2M · FY22 $740.8M · FY23 $684.9M · FY24 $753.3M · FY25 $763.9M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $24.2M · Total debt $2.67B · Total assets $4.52B · Shareholders' equity $1.53B
Dividends
Raised for 13 straight years — most recently to $0.32 from $0.305 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.32 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.32 | raised from $0.305 |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.305 | |
| Sep 30, 2025 | Sep 30 | Oct 16 | $0.305 | |
| Jun 30, 2025 | Jun 30 | Jul 16 | $0.305 | |
| Mar 31, 2025 | Mar 31 | Apr 16 | $0.305 | raised from $0.295 |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.295 | |
| Sep 30, 2024 | Sep 30 | Oct 17 | $0.295 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 113.38M · Float 112.10M · 98.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 19.92M | 17.57% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 12.08M | 10.65% | 13F | Aug 13, 2026 |
| AllianceBernstein L.P. | 8.88M | 7.83% | 13F | Aug 14, 2026 |
| State Street Corp | 6.87M | 6.06% | 13F | Aug 7, 2026 |
| JPMorgan Chase & Co | 6.03M | 5.30% | 13G | Jul 16, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 29, 2026 | C. Taylor Pickett | director | −31,798 | $32.25 |
| May 26, 2026 | Robert L. Denton | director | −3,922 | $32.38 |
| Feb 23, 2026 | Philip L. Hawkins | director | −5,536 | $32.71 |
| Sep 17, 2025 | Lisa G. Trimberger | director | −7,896 | $30.64 |
Peers
- Easterly Government Properties
Federal-property REIT closest to government mission leasing.
- Digital Realty
Global data-center REIT with major Northern Virginia exposure.
- JBG SMITH
Washington-area landlord in Northern Virginia office submarkets.
- BXP
Premier office REIT with Washington, DC market overlap.
- Equinix
Interconnection data-center platform substituting for shell demand.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| COPT Defense Properties | $36.59 | −0.03% | $4.15B | 25.2 | 51.6 | 5.3 | −0.6% |
| Easterly Government Properties | $24.63 | +0.08% | $1.14B | 118.6 | 84.9 | 3.2 | +6.4% |
| Digital Realty | $182.50 | −1.56% | $68.62B | 89.6 | 81.3 | 10.0 | +28.9% |
| JBG SMITH | $12.08 | −0.08% | $703.7M | — | — | 1.4 | +2.3% |
| BXP | $68.89 | −0.61% | $11.05B | 37.3 | 33.8 | 3.1 | +3.1% |
| Equinix | $1,031.43 | −1.20% | $103.05B | 67.3 | 59.8 | 10.5 | +16.4% |
| Median | 78.4 | 70.5 | 3.2 | +6.4% |