COPT Defense Properties (CDP)
Landlord and developer of secure offices and data center shells supporting U.S. defense missions.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 1, 2026 | Wells Fargo | Reiterate | Rating: —Target: $33 | Target: $41 |
| Aug 24, 2026 | Truist Financial | Target | Target: $34 | Target: $38 |
| Jul 27, 2026 | Evercore ISI | Reiterate | Rating: —Target: $41 | Target: $42 |
| Jul 6, 2026 | Evercore ISI | Reiterate | Rating: —Target: $38 | Target: $41 |
| Jun 8, 2026 | Truist Financial | Target | Target: $33 | Target: $34 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $24.2M · Total debt $2.67B · Total assets $4.52B · Shareholders' equity $1.53B
- Revenue
- $197.4M
- Operating income
- $63.3M
- Net income
- $46.3M
HistoryDividendAnnual yieldUpcoming
| Institutions | 114.96% | 130.38M shares | |
|---|---|---|---|
| 332 holders · as of Jun 30, 2026 | |||
| Insiders | 0.40% | 456.3K shares | |
| 9 holders · as of Aug 7, 2026 | |||
| Adds to | 115.36% | ||
113.41M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 115.36%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 17.56% | 19.92M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 10.65% | 12.08M | as of Jun 30, 2026 |
AllianceBernstein L.P.Institution | 7.83% | 8.88M | as of Jun 30, 2026 |
State Street CorpInstitution | 6.06% | 6.87M | as of Jun 30, 2026 |
JPMorgan Chase & CoInstitution | 5.36% | 6.08M | as of Jun 30, 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 |
- Easterly Government Properties
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- BXP
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- Equinix
Interconnection data-center platform substituting for shell demand.
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| COPT Defense Properties | $34.34 | 0.00% | $3.92B | 23.8 | 48.4 | 5.0 | +7.5% |
| Easterly Government Properties | $23.14 | −0.75% | $1.08B | 112.4 | 80.4 | 3.0 | +11.6% |
| Digital Realty | $185.65 | −0.02% | $68.94B | 90.0 | 79.4 | 10.1 | +28.9% |
| JBG SMITH | $11.01 | −0.18% | $653.0M | — | — | 1.3 | +2.3% |
| BXP | $64.31 | −0.06% | $10.23B | 34.5 | 31.4 | 2.9 | +3.1% |
| Equinix | $1,059.26 | −0.01% | $104.32B | 68.1 | 60.9 | 10.6 | +16.4% |
| Median | 79.0 | 70.2 | 3.0 | +11.6% |