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COPT Defense PropertiesNYSE:CDP Stock Report

Market Cap US$3.7b
Share Price
US$31.70
US$35.38
10.4% undervalued intrinsic discount
1Y19.9%
7D1.8%
Portfolio Value
​
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COPT Defense Properties

NYSE:CDP Stock Report

Market Cap: US$3.7b

COPT Defense Properties (CDP) Stock Overview

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. More details

CDP fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance5/6
Financial Health2/6
Dividends5/6

Rewards

Trading at 48.9% below our estimate of its fair value

Earnings grew by 10.7% over the past year

Pays a reliable dividend of 4.02%

Risk Analysis

Debt is not well covered by operating cash flow


CDP Community Fair Values

Create Narrative

See what others think this stock is worth. Follow their fair value or set your own to get alerts.

Analyst Price Targets

View all narratives

COPT Defense Properties Competitors

Price History & Performance

Summary of share price highs, lows and changes for COPT Defense Properties
Historical stock prices
Current Share PriceUS$31.82
52 Week HighUS$33.29
52 Week LowUS$26.37
Beta0.82
1 Month Change1.63%
3 Month Change-1.94%
1 Year Change19.89%
3 Year Change33.98%
5 Year Change17.33%
Change since IPO263.66%

Recent News & Updates

Narrative Update • Apr 23

CDP: 2026 Lease Retention And Dividend Path Will Guide Fairly Valued Shares

Analysts have revised the COPT Defense Properties price target slightly lower, from about $35.50 to roughly $35.38, reflecting updated views on lease retention risk and modestly revised assumptions for the discount rate, profit margin, and forward P/E. Analyst Commentary Recent Street research on COPT Defense Properties points to a mixed setup, with some analysts slightly more constructive on valuation and others focused on execution risk around future lease rollovers.
Narrative Update • Apr 08

CDP: 2026 Lease Retention And Dividend Outlook Will Shape Potential Upside

Analysts raised their price target on COPT Defense Properties by $2 to $33, citing recent Street research that emphasizes the importance of considering 2026 lease expirations when assessing the REIT. Analyst Commentary Recent Street research around the new US$33 price target focuses heavily on how COPT Defense Properties handles 2026 lease expirations and what that could mean for valuation and execution over the next few years.

Recent updates

Narrative Update • Apr 23

CDP: 2026 Lease Retention And Dividend Path Will Guide Fairly Valued Shares

Analysts have revised the COPT Defense Properties price target slightly lower, from about $35.50 to roughly $35.38, reflecting updated views on lease retention risk and modestly revised assumptions for the discount rate, profit margin, and forward P/E. Analyst Commentary Recent Street research on COPT Defense Properties points to a mixed setup, with some analysts slightly more constructive on valuation and others focused on execution risk around future lease rollovers.
Narrative Update • Apr 08

CDP: 2026 Lease Retention And Dividend Outlook Will Shape Potential Upside

Analysts raised their price target on COPT Defense Properties by $2 to $33, citing recent Street research that emphasizes the importance of considering 2026 lease expirations when assessing the REIT. Analyst Commentary Recent Street research around the new US$33 price target focuses heavily on how COPT Defense Properties handles 2026 lease expirations and what that could mean for valuation and execution over the next few years.
Narrative Update • Mar 24

CDP: 2026 Lease Retention And Rising Dividend Are Expected To Drive Upside

Analysts have nudged their price targets for COPT Defense Properties higher, with recent moves to $33 and above grounded in expectations that management can effectively address 2026 lease expirations and maintain occupancy. Analyst Commentary Recent research notes on COPT Defense Properties focus heavily on how 2026 lease expirations and tenant retention could influence valuation over the next couple of years.
Seeking Alpha • Mar 17

COPT Defense Properties: A Resilient REIT With Inflecting Growth

Summary COPT Defense Properties remains a "Buy," benefiting from its unique, defense-focused real estate niche and durable government tenant base. CDP’s portfolio is insulated from remote work and defense spending cuts, with 80% high-security assets and 94% occupancy in core defense properties. FFO growth is expected to be modest in 2026 due to higher interest costs, but Huntsville expansion and Space Command relocation position CDP for accelerated growth from 2027 onward. Shares trade at 11.7x FFO, a 15% sector discount, with a secure 4% yield and improving leverage, supporting further upside as valuation normalizes. Read the full article on Seeking Alpha
Narrative Update • Mar 09

CDP: Lease Retention And Dividend Growth Will Shape Balanced Future Returns

The analyst price target for COPT Defense Properties has been nudged higher by $0.38 to $35.50, as analysts factor in updated assumptions around revenue growth, profit margins, discount rate and future P/E, following recent Street research price target increases from firms such as Truist, Citi and Cantor Fitzgerald. Analyst Commentary Recent Street research has centered on how lease retention, revenue growth assumptions and valuation inputs may shape the outlook for COPT Defense Properties, with several firms adjusting their price targets in response.
Narrative Update • Feb 23

CDP: Defense Leasing And Dividend Increases Will Support Balanced Future Returns

Analysts have raised their price target on COPT Defense Properties by $1.75 to $35.13, citing updated assumptions for slightly higher revenue growth and a modestly lower discount rate, partly offset by adjusted profit margin and P/E expectations. Analyst Commentary Recent research has generally taken a constructive view on COPT Defense Properties, with multiple price target increases clustered around the low to mid US$30s.
Narrative Update • Feb 08

CDP: Defense Leasing Pipeline And Stable REIT Conditions Will Support Premium Multiple

Analysts have nudged their fair value estimate for COPT Defense Properties up slightly to $33.38 from $33.25, reflecting updated assumptions around discount rate, revenue growth, profit margin and future P/E, alongside recent Street research citing generally healthy REIT operating conditions. Analyst Commentary Recent Street research reflects a generally constructive tone on COPT Defense Properties, with the fair value adjustment and updated price targets grounded in current REIT operating conditions and the latest earnings season readthroughs.
Narrative Update • Dec 25

CDP: AI Gateway Office Demand Will Support Premium Multiple At 33

Analysts have modestly lifted their price target on COPT Defense Properties to $33.00, citing resilient REIT sector fundamentals, slightly faster projected revenue growth, marginally better profit margins, and supportive demand trends tied to artificial intelligence driven office markets. Analyst Commentary Recent research updates reflect a broadly constructive stance on COPT Defense Properties, with price targets nudged higher alongside reaffirmed positive ratings.
Narrative Update • Dec 11

CDP: Future AI Office Demand Will Support Premium Multiple At Raised 33 Price Level

Analysts have lifted their price target on COPT Defense Properties to $33.00 from a prior range of $30.00 to $32.00, citing resilient REIT operating trends and growing enthusiasm for AI driven demand in key office markets as support for maintaining a premium valuation multiple. Analyst Commentary Recent Street research on COPT Defense Properties reflects a generally constructive view on the company’s fundamentals and outlook, with multiple firms aligning around a $33 price target while differing somewhat on risk and execution assumptions.
Narrative Update • Nov 27

CDP: Future Demand Will Reflect Stable Operations and Exposure to AI Sectors

Analysts have increased their price target for COPT Defense Properties from $32.57 to $33.25, citing stable operating conditions and favorable exposure to growth sectors such as artificial intelligence and prime office markets. Analyst Commentary Recent analyst updates reflect both confidence in COPT Defense Properties' positioning and a measured view of its near-term challenges.
Narrative Update • Sep 18

Rising US Defense Spending Will Expand Mission Critical Lease Demand

A modest uptick in both the analyst price target and discount rate for COPT Defense Properties—despite an essentially unchanged future P/E—suggests a slightly more optimistic outlook with increased required returns, raising the fair value estimate to $32.57. What's in the News Raised full-year 2025 diluted EPS guidance to $1.30–$1.34 from $1.28–$1.34.
User avatar
New Narrative • Mar 18

Expected Defense Budget Increase Will Spur Demand For SCIF Leases

Increased defense spending and demand for specialized spaces could drive revenue growth through higher occupancy and new leases.
Seeking Alpha • Feb 13

COPT Defense: High Rates And DOGE Uncertainty Limit Upside

Summary COPT Defense Properties offers a unique defense real estate portfolio with high occupancy and a 4.2% dividend yield but faces growth headwinds from rising interest rates. CDP's specialized properties near key government facilities have strong demand, but uncertainties in defense spending and higher refinancing costs could limit future growth. It is unclear how much DOGE will seek to cut defense department headcount and spending, though Senate Republicans will likely limit cuts. Given current valuation and potential headwinds, CDP is a "hold"; I recommend waiting for shares to approach 10x FFO before buying. Read the full article on Seeking Alpha
Seeking Alpha • Oct 23

COPT Defense Properties Is Just Getting Started

Summary COPT Defense Properties offers stable cash flow and growth potential due to its focus on specialized Defense/IT properties leased to U.S. government agencies and contractors. CDP has shown strong operating performance with robust same-property NOI growth and has robust guidance, supported by a well-occupied portfolio and solid balance sheet. Despite significant stock appreciation, CDP still offers value at a forward P/FFO of 12.6, with further upside potential from high tenant demand and development projects. Read the full article on Seeking Alpha
Seeking Alpha • Jun 22

COPT Defense Properties: Not Your Average Office REIT

Summary COPT Defense Properties is a resilient office REIT with a focus on defense and IT tenants, leading to stable cash flows and high retention rates. The company benefits from long-term growth in defense spending, with a track record of meeting or exceeding guidance and a strong development pipeline. COPT trades at a premium to peers due to its high-quality tenants, steady growth, and lower leverage, making it a 'buy' for investors seeking reliable dividends. Read the full article on Seeking Alpha
Seeking Alpha • Apr 10

COPT Defense Properties: Slow And Steady Growth

Summary COPT Defense Properties owns specialized defense properties with high renewal rates and rent roll-ups, positioning the company for 4%-5% growth. The company benefits from the stability of government and defense-related tenants, with reliable rent payments and high renewal rates. COPT funds its developments without issuing equity and has a clean balance sheet, improving its stability and growth potential. Read the full article on Seeking Alpha
Seeking Alpha • Jan 30

COPT Defense Properties: A Solid Buy For Its Government Rent Checks

Summary COPT Defense Properties offers good value and income opportunity for long-term investors with its stable cash flow and solid dividend growth potential. CDP's focus on government-leased office properties in the defense sector provides stability in its tenant base. The company's development pipeline and undervaluation offer potential for above-market returns. Read the full article on Seeking Alpha

Shareholder Returns

CDPUS Office REITsUS Market
7D1.8%3.7%2.1%
1Y19.9%-7.8%30.6%

Return vs Industry: CDP exceeded the US Office REITs industry which returned -7% over the past year.

Return vs Market: CDP underperformed the US Market which returned 31% over the past year.

Price Volatility

Is CDP's price volatile compared to industry and market?
CDP volatility
CDP Average Weekly Movement2.6%
Office REITs Industry Average Movement5.2%
Market Average Movement7.2%
10% most volatile stocks in US Market16.1%
10% least volatile stocks in US Market3.2%

Stable Share Price: CDP has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: CDP's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1988430Steve Budorickwww.copt.com

COPT Defense Properties, 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 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.

COPT Defense Properties Fundamentals Summary

How do COPT Defense Properties's earnings and revenue compare to its market cap?
CDP fundamental statistics
Market capUS$3.66b
Earnings (TTM)US$155.51m
Revenue (TTM)US$780.55m
23.1x
P/E Ratio
4.6x
P/S Ratio

Is CDP overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
CDP income statement (TTM)
RevenueUS$780.55m
Cost of RevenueUS$329.13m
Gross ProfitUS$451.42m
Other ExpensesUS$295.91m
EarningsUS$155.51m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)1.38
Gross Margin57.83%
Net Profit Margin19.92%
Debt/Equity Ratio160.0%

How did CDP perform over the long term?

See historical performance and comparison

Dividends

4.0%
Current Dividend Yield
44%
Payout Ratio

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/07 05:20
End of Day Share Price 2026/05/07 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

COPT Defense Properties is covered by 26 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
David RodgersBaird
Jing Xian Tan BonnelBofA Global Research
William CatherwoodBTIG