CDP
Real EstateCOPT Defense Properties · REIT - Office · $4B
What is COPT Defense Properties?
COPT Defense Properties is a real estate investment trust specializing in office and data center properties that serve the U.S. government, defense contractors, and national security agencies. Its portfolio is concentrated in mission-critical locations across the country.
COPT owns, manages, leases, develops, and selectively acquires properties near U.S. defense and intelligence installations. Roughly ninety percent of its core rental revenue comes from Defense/IT Locations — properties supporting national security, defense, and IT missions. The remaining portion comes from Class-A office properties in the Greater Washington, DC/Baltimore region. Revenue flows primarily through long-term government and contractor leases.
Founded in 1991 and headquartered in Columbia, Maryland, COPT has built its identity around government-adjacent real estate.
- Defense and intelligence community office properties
- Data center facilities serving government tenants
- Class-A regional office properties in the DC/Baltimore corridor
- Development and selective acquisition of mission-critical real estate
Is CDP a Good Stock to Buy?
UQS Score rates CDP as Below Average overall, reflecting meaningful headwinds across several key pillars.
The Quality pillar stands out as the relative bright spot, suggesting the underlying business operations maintain a degree of stability — partly a function of its long-term government lease structure and high portfolio occupancy.
The Moat, Growth, and Risk pillars all register as Weak, pointing to limited competitive differentiation, constrained expansion prospects, and elevated risk factors that investors should weigh carefully.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does CDP pay dividends?
Yes — COPT Defense Properties pays a dividend.
CDP pays a regular dividend, consistent with its structure as a REIT — which is required to distribute the majority of taxable income to shareholders. The government-leased portfolio provides a relatively predictable rental income stream that supports ongoing distributions. Income-focused investors often consider REIT dividends alongside payout sustainability and underlying cash flow quality.
When does CDP report earnings?
COPT Defense Properties reports earnings on a quarterly cadence, typical for U.S.-listed REITs.
The company's high lease rate across its core portfolio reflects stable demand from government and defense tenants. However, the Weak Growth pillar suggests limited near-term revenue acceleration. For the most current results, check the company's investor relations page.
For the most recent quarter's results, visit COPT Defense Properties' official investor relations page.
CDP Price History
+44.6% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in COPT Defense Properties?
Based on COPT Defense Properties's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
CDP Long-term Outlook
The fundamental outlook for CDP is cautious. The Weak Growth pillar indicates that meaningful revenue or earnings expansion is not clearly visible in the near term. The Weak Risk pillar adds further uncertainty, suggesting the business faces operational or financial pressures that could weigh on performance. The Neutral Valuation pillar implies the market is neither pricing in a significant premium nor a deep discount relative to fundamentals.
Growth drivers
- Sustained government demand for secure, mission-critical office and data center space
- Potential development of new properties near expanding defense and intelligence installations
- Long-term lease structures that provide revenue visibility
Key risks
- Government budget cycles and potential defense spending shifts affecting tenant demand
- Limited moat relative to broader commercial real estate peers
- Elevated risk profile that could pressure dividend sustainability or balance sheet flexibility
CDP vs Peers
CDP operates in the office REIT space alongside several peers, though its defense-focused niche sets it apart from more traditional commercial landlords.
Kilroy focuses on West Coast tech and life science office markets, offering a very different geographic and tenant mix compared to CDP's government-centric portfolio.
Cousins concentrates on Sun Belt urban office markets, targeting private-sector tenants in high-growth cities rather than defense and government users.
SL Green is primarily a Manhattan office landlord, exposed to New York City commercial real estate dynamics that differ substantially from CDP's suburban defense corridors.
Frequently Asked Questions
What does COPT Defense Properties do?
COPT Defense Properties is a REIT that owns and manages office and data center properties near U.S. defense, intelligence, and national security installations. About ninety percent of its rental revenue comes from these Defense/IT Locations, with the remainder from Class-A office properties in the Greater Washington, DC/Baltimore area.
Does CDP pay dividends?
Yes, CDP pays a regular dividend. As a REIT, the company is required to distribute the majority of its taxable income to shareholders. The stability of its government lease base supports ongoing distributions, though investors should assess payout sustainability alongside the company's Risk pillar profile.
When does CDP report earnings?
COPT Defense Properties reports earnings quarterly, in line with standard U.S. REIT practice. For exact dates and the most recent financial results, visit the company's investor relations page directly.
Is CDP a good stock to buy?
UQS Score rates CDP as Below Average overall. While the Quality pillar shows relative stability, the Moat, Growth, and Risk pillars are all rated Weak. Investors should weigh these factors carefully against their own risk tolerance and investment goals before making any decision.
Is CDP overvalued?
The UQS Valuation pillar for CDP is rated Neutral, suggesting the market is pricing the stock in line with its fundamentals — neither deeply discounted nor significantly stretched. The full valuation metrics are available to UQS Pro members.
How does CDP compare to its competitors?
CDP's defense and government focus distinguishes it from peers like Kilroy Realty, Cousins Properties, and SL Green, which target tech, Sun Belt, and Manhattan office markets respectively. This niche provides tenant stability but also limits growth relative to peers in higher-demand commercial markets.
What is CDP's market cap bracket?
COPT Defense Properties is classified as a mid-cap company. This places it in a range that typically offers more liquidity than small-cap REITs while remaining smaller than the largest diversified real estate investment trusts.
Who founded COPT Defense Properties?
COPT Defense Properties was founded in 1991. Detailed founding history, including the individuals involved, is publicly available through the company's official website and historical filings.
Is CDP a long-term quality investment?
As a long-term quality indicator, CDP's UQS profile is mixed. The Good Quality pillar reflects operational stability from government leases, but Weak scores in Moat, Growth, and Risk suggest the company faces structural challenges that could limit long-term compounding potential. Pro members can view the complete analysis.
What is the main competitive advantage of COPT Defense Properties?
CDP's primary differentiator is its concentration in properties serving U.S. defense and intelligence agencies — tenants with long-term, mission-driven space needs. However, the UQS Moat pillar rates this advantage as Weak, indicating the competitive position may not be as durable as it appears on the surface.
Unlock Full CDP Analysis
Sign in to unlock the detailed analysis behind the UQS Score.
- ✓View the exact UQS pillar scores across Quality, Moat, Growth, Risk, and Valuation
- ✓Access full financial metrics and trend data for COPT Defense Properties
- ✓Compare CDP side-by-side with office REIT peers on a standardized scoring framework
- ✓Screen for higher-rated REITs using UQS preset filters
- ✓Get the complete analyst view available exclusively to Pro members
Pro Analysis
CDP — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 23, 2026 | 45.5 | 76.9 | 39.0 | 9.8 | 45.7 | 51.2 | +0.1 |
| May 22, 2026 | 45.4 | 76.9 | 39.0 | 9.8 | 45.7 | 51.1 | -0.1 |
| May 21, 2026 | 45.5 | 76.9 | 39.0 | 9.8 | 45.7 | 51.4 | 0.0 |
| May 20, 2026 | 45.5 | 76.9 | 39.0 | 9.8 | 45.7 | 51.3 | 0.0 |
| May 19, 2026 | 45.5 | 76.9 | 39.0 | 9.8 | 45.7 | 51.4 | 0.0 |
| May 15, 2026 | 45.5 | 76.9 | 39.0 | 9.6 | 45.7 | 51.4 | +0.1 |
| May 11, 2026 | 45.4 | 76.9 | 39.0 | 9.6 | 45.7 | 51.3 | +2.2 |
| May 10, 2026 | 43.2 | 76.9 | 39.0 | 9.6 | 45.7 | 36.7 | -3.8 |
| May 9, 2026 | 47.0 | 76.9 | 39.0 | 4.7 | 45.7 | 68.5 | +4.3 |
| May 8, 2026 | 42.7 | 76.9 | 39.0 | 9.5 | 45.7 | 32.9 | -2.5 |
CDP — Pillar Breakdown
Quality
— 76.9/100 (25%)COPT Defense Properties demonstrates outstanding capital efficiency and profitability, placing it among the highest-quality businesses in the market.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 9.8/100 (20%)COPT Defense Properties faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 45.7/100 (15%)COPT Defense Properties has some risk factors including moderate leverage or solvency concerns.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 49.9/100 (15%)COPT Defense Properties has a mixed valuation — some metrics suggest fair value while others appear stretched.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 39/100 (25%)COPT Defense Properties possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for CDP.
Score Composition
Financial Data
More Stock Analysis
How is the CDP UQS Score Calculated?
The UQS (Unified Quality Score) for COPT Defense Properties is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses COPT Defense Properties's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether COPT Defense Properties is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.