(CDP) COPT Defense Properties - Overview

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US22002T1088

Stock: Office, Warehouse, Data, Secure, Proximate

Total Rating 43

Risk 55

Buy Signal -0.06

REIT - Office » Office REITs
Age: 34.1y

Market Cap: 3,700m
Avg Trading Vol: 35.5M USD

ATR: 2.04%
Peers RS (IBD): 75.79

EPS (Earnings per Share)

EPS CAGR: 32.88%
EPS Trend: 2.4%

Last SUE: 0.02
Qual. Beats: 0

Revenue

Rev. CAGR: 3.88%
Rev. Trend: 42.4%

Last SUE: 0.14
Qual. Beats: 0

Dividends

Dividend Yield	4.38%
Yield on Cost 5y	5.61%
Yield CAGR 5y	2.62%
Payout Consistency	95.3%
Payout Ratio	122.2%

Risk 5d forecast
Volatility	18.5%
Relative Tail Risk	-2.59%

Reward TTM
Sharpe Ratio	0.56
Alpha	7.40

Character TTM
Beta	0.401
Beta Downside	0.399

Drawdowns 3y
Max DD	23.66%
CAGR/Max DD	0.52

Description: CDP COPT Defense Properties January 12, 2026

COPT Defense Properties (NYSE: CDP) is an S&P MidCap 400 REIT that self-manages a portfolio of 198 properties-22.6 million sq ft-located near or within U.S. government defense installations. As of 30 Sept 2025 the portfolio was 97 % leased, with tenants comprising the U.S. government and its defense contractors who demand mission-critical, high-security space.

Key industry metrics that shape CDP’s outlook include: (1) FY 2024 funds-from-operations (FFO) grew 8 % year-over-year, driven by rising lease rates and limited new supply in the defense-site niche; (2) the U.S. defense budget is projected to increase ~3 % annually through 2028, supporting demand for secure real estate; and (3) REITs with similar exposure have maintained average cap rates near 5.5 % despite a 0.75 % rise in 10-year Treasury yields, indicating relative pricing resilience.

For a deeper dive into CDP’s valuation metrics, you might explore ValueRay’s analyst tools.

Piotroski VR‑10 (Strict, 0-10) 5.5

Net Income: 149.9m TTM > 0 and > 6% of Revenue
FCF/TA: 0.07 > 0.02 and ΔFCF/TA 1.92 > 1.0
NWC/Revenue: 24.70% < 20% (prev 32.60%; Δ -7.89% < -1%)
CFO/TA 0.08 > 3% & CFO 351.6m > Net Income 149.9m
Net Debt (2.47b) to EBITDA (391.1m): 6.31 < 3
Current Ratio: 1.89 > 1.5 & < 3
Outstanding Shares: last quarter (113.2m) vs 12m ago 0.16% < -2%
Gross Margin: 52.10% > 18% (prev 0.34%; Δ 5176 % > 0.5%)
Asset Turnover: 17.47% > 50% (prev 17.70%; Δ -0.23% > 0%)
Interest Coverage Ratio: 2.75 > 6 (EBITDA TTM 391.1m / Interest Expense TTM 84.3m)

Altman Z'' -0.48

A: 0.04 (Total Current Assets 393.3m - Total Current Liabilities 208.0m) / Total Assets 4.35b
B: -0.23 (Retained Earnings -991.9m / Total Assets 4.35b)
C: 0.05 (EBIT TTM 232.2m / Avg Total Assets 4.29b)
D: -0.36 (Book Value of Equity -990.8m / Total Liabilities 2.77b)
Altman-Z'' Score: -0.48 = B

Beneish M -3.36

DSRI: 1.03 (Receivables 292.5m/285.0m, Revenue 750.0m/749.6m)
GMI: 0.65 (GM 52.10% / 34.08%)
AQI: 1.01 (AQ_t 0.90 / AQ_t-1 0.89)
SGI: 1.00 (Revenue 750.0m / 749.6m)
TATA: -0.05 (NI 149.9m - CFO 351.6m) / TA 4.35b)
Beneish M-Score: -3.36 (Cap -4..+1) = AA

What is the price of CDP shares?

As of February 07, 2026, the stock is trading at USD 32.45 with a total of 1,975,459 shares traded.
Over the past week, the price has changed by +5.32%, over one month by +14.66%, over three months by +13.55% and over the past year by +14.02%.

Is CDP a buy, sell or hold?

COPT Defense Properties has received a consensus analysts rating of 4.25. Therefore, it is recommended to buy CDP.

StrongBuy: 5
Buy: 0
Hold: 3
Sell: 0
StrongSell: 0

What are the forecasts/targets for the CDP price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	33.1	2.1%
Analysts Target Price	33.1	2.1%
ValueRay Target Price	36.4	12%

CDP Fundamental Data Overview February 07, 2026

P/E Trailing = 23.5294
P/S = 4.9148
P/B = 2.3363
Revenue TTM = 750.0m USD
EBIT TTM = 232.2m USD
EBITDA TTM = 391.1m USD
Long Term Debt = 2.44b USD (from longTermDebt, last quarter)
Short Term Debt = 481.0k USD (from shortTermDebt, last quarter)
Debt = 2.49b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.47b USD (from netDebt column, last quarter)
Enterprise Value = 6.17b USD (3.70b + Debt 2.49b - CCE 23.7m)
Interest Coverage Ratio = 2.75 (Ebit TTM 232.2m / Interest Expense TTM 84.3m)
EV/FCF = 19.79x (Enterprise Value 6.17b / FCF TTM 311.6m)
FCF Yield = 5.05% (FCF TTM 311.6m / Enterprise Value 6.17b)
FCF Margin = 41.55% (FCF TTM 311.6m / Revenue TTM 750.0m)
Net Margin = 19.99% (Net Income TTM 149.9m / Revenue TTM 750.0m)
Gross Margin = 52.10% ((Revenue TTM 750.0m - Cost of Revenue TTM 359.2m) / Revenue TTM)
Gross Margin QoQ = 98.70% (prev 37.68%)
Tobins Q-Ratio = 1.42 (Enterprise Value 6.17b / Total Assets 4.35b)
Interest Expense / Debt = 0.84% (Interest Expense 20.9m / Debt 2.49b)
Taxrate = 1.44% (612.0k / 42.5m)
NOPAT = 228.8m (EBIT 232.2m * (1 - 1.44%))
Current Ratio = 1.89 (Total Current Assets 393.3m / Total Current Liabilities 208.0m)
Debt / Equity = 1.65 (Debt 2.49b / totalStockholderEquity, last quarter 1.51b)
Debt / EBITDA = 6.31 (Net Debt 2.47b / EBITDA 391.1m)
Debt / FCF = 7.92 (Net Debt 2.47b / FCF TTM 311.6m)
Total Stockholder Equity = 1.50b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.49% (Net Income 149.9m / Total Assets 4.35b)
RoE = 10.01% (Net Income TTM 149.9m / Total Stockholder Equity 1.50b)
RoCE = 5.89% (EBIT 232.2m / Capital Employed (Equity 1.50b + L.T.Debt 2.44b))
RoIC = 5.86% (NOPAT 228.8m / Invested Capital 3.91b)
WACC = 4.75% (E(3.70b)/V(6.19b) * Re(7.39%) + D(2.49b)/V(6.19b) * Rd(0.84%) * (1-Tc(0.01)))
Discount Rate = 7.39% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 33.33 | Cagr: 0.25%
[DCF Debug] Terminal Value 87.03% ; FCFF base≈275.8m ; Y1≈296.7m ; Y5≈363.5m
Fair Price DCF = 73.22 (EV 10.76b - Net Debt 2.47b = Equity 8.29b / Shares 113.2m; r=5.90% [WACC]; 5y FCF grow 8.53% → 2.90% )
EPS Correlation: 2.40 | EPS CAGR: 32.88% | SUE: 0.02 | # QB: 0
Revenue Correlation: 42.44 | Revenue CAGR: 3.88% | SUE: 0.14 | # QB: 0
EPS next Year (2026-12-31): EPS=1.32 | Chg30d=-0.030 | Revisions Net=-1 | Growth EPS=+4.2% | Growth Revenue=+4.3%

Additional Sources for CDP Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Fund Manager Positions: Dataroma | Stockcircle