COPT Defense Properties (CDP)
Market Price (8/5/2026): $37.82 | Market Cap: $4.3 BilSector: Real Estate | Industry: Office REITs
COPT Defense Properties (CDP)
Market Price (8/5/2026): $37.82Market Cap: $4.3 BilSector: Real EstateIndustry: Office REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1%, Dividend Yield is 3.3%, FCF Yield is 7.5% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 41% Low stock price volatilityVol 12M is 18% Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Data Center REITs, Show more. | Trading close to highsDist 52W High is -1.4%, Dist 3Y High is -1.4% Weak multi-year price returns2Y Excs Rtn is -1.2%, 3Y Excs Rtn is -3.2% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 61% Key risksCDP key risks include [1] an extreme revenue dependence on a highly concentrated base of U.S. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1%, Dividend Yield is 3.3%, FCF Yield is 7.5% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 41% |
| Low stock price volatilityVol 12M is 18% |
| Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Data Center REITs, Show more. |
| Trading close to highsDist 52W High is -1.4%, Dist 3Y High is -1.4% |
| Weak multi-year price returns2Y Excs Rtn is -1.2%, 3Y Excs Rtn is -3.2% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 61% |
| Key risksCDP key risks include [1] an extreme revenue dependence on a highly concentrated base of U.S. Show more. |
Qualitative Assessment
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COPT Defense Properties (CDP) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Earnings Beat and Upgraded Full-Year Guidance.
COPT Defense Properties reported robust operating results for fiscal Q2 2026 (ended June 30, 2026) on July 27, 2026. The company announced Funds From Operations (FFO) per diluted share of $0.71, surpassing the consensus estimate of $0.33 and exceeding its own guidance midpoint by $0.02. Additionally, total revenues reached $197.4 million, topping analyst estimates ranging from $188.93 million to $189.4 million. Following this strong performance, management raised its full-year fiscal 2026 FFO per share guidance midpoint by $0.02 to $2.78, which is $0.03 higher than its initial outlook. They also increased the same-property cash Net Operating Income (NOI) growth guidance by 100 basis points to 4.0% and cash rent spreads on renewals by 100 basis points to 3%.
2. Sustained Strong Demand from Defense and Government Tenants Amid Surging Defense Budgets.
COPT Defense Properties experienced strong demand and leasing momentum from its core defense and government tenants. This is significantly bolstered by an unprecedented increase in U.S. Department of Defense (DOD) funding, with the fiscal year 2027 DOD budget request totaling $1.425 trillion, representing a 44% increase over the prior fiscal year. This substantial funding environment drives demand for COPT Defense's specialized, secure properties located near critical defense installations and supports long-term occupancy and rent growth.
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COPT Defense Properties (CDP) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Earnings Beat and Upgraded Full-Year Guidance.
COPT Defense Properties reported robust operating results for fiscal Q2 2026 (ended June 30, 2026) on July 27, 2026. The company announced Funds From Operations (FFO) per diluted share of $0.71, surpassing the consensus estimate of $0.33 and exceeding its own guidance midpoint by $0.02. Additionally, total revenues reached $197.4 million, topping analyst estimates ranging from $188.93 million to $189.4 million. Following this strong performance, management raised its full-year fiscal 2026 FFO per share guidance midpoint by $0.02 to $2.78, which is $0.03 higher than its initial outlook. They also increased the same-property cash Net Operating Income (NOI) growth guidance by 100 basis points to 4.0% and cash rent spreads on renewals by 100 basis points to 3%.
2. Sustained Strong Demand from Defense and Government Tenants Amid Surging Defense Budgets.
COPT Defense Properties experienced strong demand and leasing momentum from its core defense and government tenants. This is significantly bolstered by an unprecedented increase in U.S. Department of Defense (DOD) funding, with the fiscal year 2027 DOD budget request totaling $1.425 trillion, representing a 44% increase over the prior fiscal year. This substantial funding environment drives demand for COPT Defense's specialized, secure properties located near critical defense installations and supports long-term occupancy and rent growth.
3. High Portfolio Occupancy and Strategic Development Pipeline.
The company demonstrated strong operational efficiency, achieving a 7.4% year-over-year increase in same-property cash NOI for fiscal Q2 2026, with its Defense/IT portfolio showing an 8.5% growth. As of June 30, 2026, the total portfolio was 94.1% occupied and the Defense/IT portfolio was 96.4% leased, maintaining high occupancy rates. COPT Defense also actively expanded its development pipeline, with projects totaling nearly 900,000 square feet that are 73% pre-leased, signifying future growth potential. This was further supported by a $43 million land acquisition in Chantilly, Virginia, aimed at expanding its footprint in high-demand areas.
4. Positive Analyst Sentiment and Upward Price Target Revisions.
Several financial analysts issued positive reports and raised price targets for COPT Defense Properties within the specified period. For example, JPMorgan Chase & Co. increased its price target from $33.00 to $34.00 on May 15, and Truist Financial also raised its objective from $33.00 to $34.00 on June 8. Wells Fargo & Company lifted its price target from $35.00 to $36.00 on June 1. Furthermore, Evercore reiterated an "outperform" rating with a $42.00 target price, and Cantor Fitzgerald maintained an "overweight" rating with a $37.00 target. BTIG initiated coverage with a "Buy" rating, citing the FFO beat, higher guidance, and the defense-related development pipeline as key drivers. The company currently holds a "Moderate Buy" consensus rating among analysts.
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Stock Movement Drivers
Fundamental Drivers
The 22.1% change in CDP stock from 4/30/2026 to 8/4/2026 was primarily driven by a 13.5% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.98 | 37.81 | 22.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 764 | 784 | 2.7% |
| Net Income Margin (%) | 19.9% | 20.9% | 5.0% |
| P/E Multiple | 22.9 | 26.0 | 13.5% |
| Shares Outstanding (Mil) | 113 | 113 | -0.2% |
| Cumulative Contribution | 22.1% |
Market Drivers
4/30/2026 to 8/4/2026| Return | Correlation | |
|---|---|---|
| CDP | 22.1% | |
| Market (SPY) | 7.3% | -9.1% |
| Sector (XLRE) | 1.7% | 61.1% |
Fundamental Drivers
The 25.1% change in CDP stock from 1/31/2026 to 8/4/2026 was primarily driven by a 14.6% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.22 | 37.81 | 25.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 750 | 784 | 4.6% |
| Net Income Margin (%) | 20.0% | 20.9% | 4.8% |
| P/E Multiple | 22.7 | 26.0 | 14.6% |
| Shares Outstanding (Mil) | 112 | 113 | -0.3% |
| Cumulative Contribution | 25.1% |
Market Drivers
1/31/2026 to 8/4/2026| Return | Correlation | |
|---|---|---|
| CDP | 25.1% | |
| Market (SPY) | 11.8% | 8.1% |
| Sector (XLRE) | 9.8% | 51.6% |
Fundamental Drivers
The 44.3% change in CDP stock from 7/31/2025 to 8/4/2026 was primarily driven by a 27.3% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.20 | 37.81 | 44.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 750 | 784 | 4.5% |
| Net Income Margin (%) | 19.2% | 20.9% | 8.9% |
| P/E Multiple | 20.4 | 26.0 | 27.3% |
| Shares Outstanding (Mil) | 112 | 113 | -0.4% |
| Cumulative Contribution | 44.3% |
Market Drivers
7/31/2025 to 8/4/2026| Return | Correlation | |
|---|---|---|
| CDP | 44.3% | |
| Market (SPY) | 23.1% | 12.8% |
| Sector (XLRE) | 11.9% | 50.7% |
Fundamental Drivers
The 65.6% change in CDP stock from 7/31/2023 to 8/4/2026 was primarily driven by a 95.4% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.83 | 37.81 | 65.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 711 | 784 | 10.3% |
| Net Income Margin (%) | 27.1% | 20.9% | -22.6% |
| P/E Multiple | 13.3 | 26.0 | 95.4% |
| Shares Outstanding (Mil) | 112 | 113 | -0.7% |
| Cumulative Contribution | 65.6% |
Market Drivers
7/31/2023 to 8/4/2026| Return | Correlation | |
|---|---|---|
| CDP | 65.6% | |
| Market (SPY) | 74.4% | 33.5% |
| Sector (XLRE) | 29.9% | 60.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CDP Return | 12% | -3% | 4% | 26% | -6% | 38% | 82% |
| Peers Return | 22% | -36% | 7% | 13% | -18% | 20% | -7% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| CDP Win Rate | 58% | 50% | 42% | 75% | 50% | 75% | |
| Peers Win Rate | 60% | 35% | 52% | 60% | 42% | 65% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CDP Max Drawdown | -15% | -22% | -22% | -13% | -19% | -6% | |
| Peers Max Drawdown | -13% | -44% | -37% | -19% | -31% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DEA, DLR, BXP, ARE, HIW.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/4/2026 (YTD)
How Low Can It Go
| Event | CDP | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.7% | -9.5% |
| % Gain to Breakeven | 12.0% | 10.5% |
| Time to Breakeven | 31 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -18.3% | -6.7% |
| % Gain to Breakeven | 22.4% | 7.1% |
| Time to Breakeven | 125 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -18.7% | -24.5% |
| % Gain to Breakeven | 23.0% | 32.4% |
| Time to Breakeven | 34 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.2% | -33.7% |
| % Gain to Breakeven | 79.3% | 50.9% |
| Time to Breakeven | 396 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.0% | -19.2% |
| % Gain to Breakeven | 42.8% | 23.8% |
| Time to Breakeven | 163 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.4% | -3.7% |
| % Gain to Breakeven | 12.9% | 3.9% |
| Time to Breakeven | 18 days | 6 days |
In The Past
COPT Defense Properties's stock fell -7.0% during the 2025 US Tariff Shock. Such a loss loss requires a 7.5% gain to breakeven.
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| Event | CDP | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -44.2% | -33.7% |
| % Gain to Breakeven | 79.3% | 50.9% |
| Time to Breakeven | 396 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.0% | -19.2% |
| % Gain to Breakeven | 42.8% | 23.8% |
| Time to Breakeven | 163 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -25.3% | -6.8% |
| % Gain to Breakeven | 33.9% | 7.3% |
| Time to Breakeven | 207 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -21.8% | -0.2% |
| % Gain to Breakeven | 27.8% | 0.2% |
| Time to Breakeven | 126 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.7% | -17.9% |
| % Gain to Breakeven | 53.0% | 21.8% |
| Time to Breakeven | 583 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -32.5% | -53.4% |
| % Gain to Breakeven | 48.1% | 114.4% |
| Time to Breakeven | 148 days | 1085 days |
In The Past
COPT Defense Properties's stock fell -7.0% during the 2025 US Tariff Shock. Such a loss loss requires a 7.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About COPT Defense Properties (CDP)
COPT Defense Properties (CDP) is a Real Estate Investment Trust (REIT) focused on owning, managing, leasing, and developing specialized office and data center properties. The company primarily provides critical real estate infrastructure for the United States Government and its contractors engaged in national security, defense, and information technology (IT) activities. This strategic focus targets what the company identifies as growing, durable, and priority missions within the defense and IT sectors.
The majority of COPT's business, accounting for 87% of its annualized rental revenue, comes from properties situated in "Defense/IT Locations." These locations are specifically chosen to support its government and contractor clientele. Complementing this core focus, the company also maintains a portfolio of Class-A office properties in select urban submarkets within the Greater Washington, DC/Baltimore region, which contribute the remaining 13% of its revenue.
As of December 31, 2020, COPT's extensive portfolio comprised 179 office and data center shell properties, encompassing 20.8 million square feet with a high occupancy rate of 95.0% leased. Additionally, the company owns a wholesale data center with a significant critical load, further solidifying its position in providing essential infrastructure for its specialized tenant base.
```AI Analysis | Feedback
Here are 1-3 brief analogies to describe COPT Defense Properties (CDP):
- It's like the Lockheed Martin of real estate, providing essential facilities for national security and defense operations.
- It's like Crown Castle (CCI) for secure government and defense office buildings and data centers.
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- Office Property Leasing: Leasing of office properties, primarily to tenants supporting U.S. Government and defense/IT missions, and also Class-A offices in the Greater Washington, DC/Baltimore region.
- Data Center Property Leasing: Leasing of specialized data center shell properties and wholesale data center capacity to tenants.
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COPT Defense Properties (CDP) is a REIT that leases office and data center properties. Its major customers are its tenants, who fall into the following categories:
- The United States Government.
- United States Government contractors, predominantly those engaged in national security, defense, and information technology (IT) activities.
- Companies leasing Class-A office space in select urban/urban-like submarkets within the Greater Washington, DC/Baltimore region.
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Stephen E. Budorick, President & Chief Executive Officer
Stephen E. Budorick became President and Chief Executive Officer of COPT Defense Properties in May 2016, having previously served as Executive Vice President and Chief Operating Officer from September 2011. Prior to joining COPT Defense, he was Executive Vice President of asset management at Callahan Capital Partners, LLC, starting in 2006. His career also includes roles as Executive Vice President at Trizec Properties, Inc. (1997–2006) and Miglin Beitler Management Company (1991–1997), and in asset management at LaSalle Partners, Inc. (1988–1991). Mr. Budorick holds a B.S. in Industrial Engineering from the University of Illinois and an MBA in Finance from the University of Chicago.
Anthony Mifsud, Executive Vice President & Chief Financial Officer
Anthony Mifsud was appointed Executive Vice President and Chief Financial Officer of COPT Defense Properties, effective April 1, 2015, as part of a planned succession. He joined the Company in September 2007 and served as Senior Vice President, Finance and Treasurer from January 2011. Before COPT Defense, he was Senior Vice President and Treasurer for Municipal Mortgage & Equity, where he led the corporate finance group. He also spent fifteen years at The Rouse Company in various corporate finance functions, including five years as Vice President, Finance, and previously practiced as a CPA at KPMG Peat Marwick.
Britt A. Snider, Executive Vice President & Chief Operating Officer
Britt A. Snider joined COPT Defense Properties in December 2023 as Executive Vice President and Chief Operating Officer. In this role, he oversees the company's operations, including asset management, leasing, property management, government services, and commercial development. Before joining COPT Defense, Mr. Snider was a Principal at Redbrick LMD, a real estate investment and development company, and prior to that, he served as Senior Vice President at WS Development.
David L. Finch, General Counsel, Corporate Secretary
David L. Finch serves as the General Counsel and Corporate Secretary for COPT Defense Properties. He was appointed General Counsel by December 2010 and Corporate Secretary by October 2016.
Matthew T. Myers, Senior Vice President, Chief Accounting Officer & Controller
Matthew T. Myers is the Senior Vice President, Chief Accounting Officer & Controller for COPT Defense Properties, a role he has held, along with previously serving as Comptroller/Controller/Auditor as of February 2023.
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Key Risks to COPT Defense Properties (CDP)
- Reliance on U.S. Government and Defense Spending & Tenant Concentration: COPT Defense Properties derives a significant majority of its rental revenue from properties supporting the U.S. Government and its contractors, with the U.S. Government itself being a major tenant. This specialization exposes the company to risks associated with fluctuations in defense spending, changes in government policy, and potential budgetary constraints or government shutdowns, which can delay leasing activities and renewals. Furthermore, a substantial portion of the company's revenue is concentrated among its top ten tenants, increasing exposure to credit risk if any of these major tenants face financial difficulties or choose not to renew leases.
- Interest Rate Risk and Debt Refinancing: As a real estate investment trust (REIT), COPT Defense Properties is sensitive to changes in interest rates. Rising interest rates can increase the cost of servicing its existing debt, particularly as lower-rate debt matures and needs to be refinanced. The company has a significant debt load, and its reliance on external capital to fund investments poses a risk if capital markets become unfavorable, impacting its financial flexibility and profitability.
- Leasing Challenges, Market Conditions, and Geographic Concentration: The company faces ongoing challenges in renewing leases and maintaining high occupancy rates across its portfolio, particularly concerning upcoming lease expirations. Broader adverse economic conditions, such as declining demand for office space, increased competition, or decreases in market rental rates, could negatively impact the value of its properties and financial performance. Additionally, COPT Defense Properties' concentration of properties in specific defense hubs and the Greater Washington, DC/Baltimore region heightens its sensitivity to regional economic and policy developments.
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The following are clear emerging threats for COPT Defense Properties:
-
Increased Adoption of Remote and Hybrid Work Models: A significant shift towards remote and hybrid work arrangements among businesses and government agencies could reduce the overall demand for traditional office space. While COPT's portfolio is heavily concentrated in Defense/IT Locations with specialized requirements that may necessitate some in-office presence, a broader trend of companies optimizing their physical footprint could challenge future occupancy rates and rental growth for both its Defense/IT and Regional Office Properties.
-
Accelerated Migration to Cloud Computing Services: The ongoing trend of organizations, including government contractors, moving their IT infrastructure from dedicated or co-located data centers to public, private, or hybrid cloud environments poses a threat to the demand for traditional data center shell and wholesale data center properties that COPT owns. As more services and data reside in the cloud, the need for the physical data center space that COPT provides could diminish over time, despite the specialized security needs of its customer base.
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- Increased U.S. Defense and IT Spending: A significant driver of revenue growth for COPT is the sustained and increasing U.S. defense budget. The company is strategically positioned with properties supporting priority Department of Defense (DOD) missions, federal agencies, and defense contractors. For instance, the FY 2026 Defense Budget, including additional allocations, is projected at $954 billion, creating a favorable environment for demand for COPT's specialized facilities. This increase in defense spending is anticipated to spur demand for specialized spaces like Secure Compartmented Information Facilities (SCIFs) and secure data centers.
- Strategic Development and Acquisitions in Defense/IT Locations: COPT focuses on disciplined expansion through new developments and selective acquisitions within established Defense/IT corridors such as Fort Meade/MD, Northern Virginia, Huntsville/AL, and San Antonio/TX. These new developments are often pre-leased (e.g., 70-100% pre-leasing ahead of groundbreaking for projects through 2025–2027), which minimizes lease-up risk and underpins net annualized billing revenue expansion upon delivery. The company plans substantial new investments in 2026, committing $225-$275 million to new projects.
- High Tenant Retention and Contractual Rent Escalators: The company consistently demonstrates strong tenant retention rates, particularly within its Defense/IT portfolio, which is projected to be between 75-85% for 2026 with a midpoint of 80%. This high retention rate ensures a stable revenue base. Additionally, COPT benefits from contractual rent escalators, typically around 2-3%, embedded in its long-term leases (often 7-12 years). These escalators contribute to consistent low-single-digit same-property cash net operating income (NOI) growth.
- Expanding Secure Compute and Data Center Offerings: COPT is expanding its powered-shell and high-specification infrastructure in locations adjacent to defense hubs, near fiber routes and peering points. This expansion aims to serve the growing needs of government cloud, AI model training/inference, and cyber missions, capitalizing on the robust demand for data center capacity.
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Capital Allocation Decisions (2021-2026)
Capital Expenditures
- COPT Defense Properties has established capital spending guidance for 2026 at $200 million to $250 million for active and future projects, alongside $225 million to $275 million in new investment commitments.
- In 2025, the company committed $278 million to new investments across five projects in four markets, with an 81% pre-leased rate. An additional $146 million capital commitment was made in January 2026 for a fully pre-leased development at National Business Park.
- The primary focus of these capital expenditures is on build-to-suit projects and pre-leased developments within its Defense/IT portfolio to support tenant growth. The company has a self-funding capability of $275 million to $300 million annually for such developments.
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 43.34 |
| Mkt Cap | 6.3 |
| Rev LTM | 1,798 |
| Op Inc LTM | 347 |
| FCF LTM | 788 |
| FCF 3Y Avg | 810 |
| CFO LTM | 788 |
| CFO 3Y Avg | 810 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.8% |
| Rev Chg 3Y Avg | 3.8% |
| Rev Chg Q | 5.9% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 4.2% |
| Op Inc Chg 3Y Avg | 3.7% |
| Op Mgn LTM | 25.0% |
| Op Mgn 3Y Avg | 25.3% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 44.9% |
| CFO/Rev 3Y Avg | 44.6% |
| FCF/Rev LTM | 44.9% |
| FCF/Rev 3Y Avg | 43.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.3 |
| P/S | 3.8 |
| P/Op Inc | 17.4 |
| P/EBIT | 12.1 |
| P/E | 30.7 |
| P/CFO | 9.4 |
| Total Yield | 7.6% |
| Dividend Yield | 5.7% |
| FCF Yield 3Y Avg | 11.6% |
| D/E | 1.2 |
| Net D/E | 1.2 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fort Meade/Baltimore/Washington (BW) Corridor | 330 | 314 | 290 | 274 | |
| Northern Virginia Defense/ information technology (NoVA Defense/IT) | 91 | 86 | 80 | 74 | |
| Other | 75 | 70 | 72 | 69 | 70 |
| Redstone Arsenal | 75 | 69 | 55 | 39 | |
| Lackland Air Force Base | 73 | 68 | 67 | 63 | |
| Data Center Shells | 45 | 37 | 27 | 36 | |
| Construction contract and other service revenues | 42 | 76 | 60 | 155 | 108 |
| Navy Support | 34 | 33 | 33 | 33 | |
| Revenues from discontinued operations | -2 | -30 | |||
| Defense/IT Portfolio | 487 | ||||
| Wholesale Data Center | 30 | ||||
| Total | 764 | 753 | 685 | 739 | 664 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fort Meade/Baltimore/Washington (BW) Corridor | 1,468 | 1,449 | 1,450 | 1,388 | |
| Redstone Arsenal | 615 | 601 | 555 | 454 | |
| Data Center Shells | 577 | 488 | 430 | 461 | |
| Northern Virginia Defense/ information technology (NoVA Defense/IT) | 522 | 495 | 490 | 488 | |
| Other assets | 476 | 213 | |||
| Other | 324 | 315 | 309 | 554 | 541 |
| Non-operating property assets | 284 | 277 | |||
| Lackland Air Force Base | 194 | 199 | 189 | 194 | |
| Navy Support | 172 | 163 | 164 | 169 | |
| Operating properties lease liabilities included in segment assets | 45 | 50 | |||
| Investment in unconsolidated real estate joint ventures (UJV) deficit balance included in segment | 23 | 3 | |||
| Defense/IT Portfolio | 2,842 | ||||
| Wholesale Data Center | 193 | ||||
| Total | 4,702 | 4,254 | 3,587 | 3,708 | 3,575 |
Price Behavior
| Market Price | $37.81 | |
| Market Cap ($ Bil) | 4.3 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -1.4% | |
| 50 Days | 200 Days | |
| DMA Price | $35.26 | $31.23 |
| DMA Trend | up | up |
| Distance from DMA | 7.2% | 21.1% |
| 3M | 1YR | |
| Volatility | 19.1% | 18.4% |
| Downside Capture | -68.94 | -9.22 |
| Upside Capture | 32.86 | 32.15 |
| Correlation (SPY) | -10.3% | 12.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.08 | -0.19 | -0.11 | 0.11 | 0.19 | 0.45 |
| Up Beta | -0.28 | -0.45 | -0.08 | 0.05 | 0.30 | 0.38 |
| Down Beta | 0.37 | 0.03 | -0.10 | 0.18 | 0.23 | 0.43 |
| Up Capture | 41% | 40% | 37% | 32% | 26% | 26% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 29 | 40 | 71 | 132 | 385 |
| Down Capture | -24% | -83% | -70% | -21% | -12% | 73% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 14 | 23 | 55 | 117 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CDP | |
|---|---|---|---|---|
| CDP | 44.5% | 18.4% | 1.85 | - |
| Sector ETF (XLRE) | 12.2% | 14.1% | 0.59 | 50.7% |
| Equity (SPY) | 25.2% | 12.9% | 1.47 | 12.8% |
| Gold (GLD) | 21.1% | 28.1% | 0.67 | -1.8% |
| Commodities (DBC) | 28.3% | 19.8% | 1.14 | -19.6% |
| Real Estate (VNQ) | 15.6% | 13.8% | 0.81 | 56.3% |
| Bitcoin (BTCUSD) | -44.2% | 43.0% | -1.23 | 3.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CDP | |
|---|---|---|---|---|
| CDP | 9.5% | 23.0% | 0.35 | - |
| Sector ETF (XLRE) | 2.6% | 19.1% | 0.04 | 63.4% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 42.0% |
| Gold (GLD) | 17.3% | 18.5% | 0.76 | 10.3% |
| Commodities (DBC) | 8.1% | 19.6% | 0.31 | 10.2% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 67.8% |
| Bitcoin (BTCUSD) | 10.0% | 53.0% | 0.38 | 20.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CDP | |
|---|---|---|---|---|
| CDP | 6.9% | 26.3% | 0.28 | - |
| Sector ETF (XLRE) | 6.2% | 20.4% | 0.26 | 69.6% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 52.0% |
| Gold (GLD) | 11.6% | 16.1% | 0.58 | 10.2% |
| Commodities (DBC) | 7.0% | 18.0% | 0.31 | 19.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 74.5% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 13.2% |
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Returns Analyses
Earnings Returns History
Updated 8/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/27/2026 | -0.1% | -1.9% | |
| 4/27/2026 | -0.7% | -5.2% | 0.0% |
| 2/5/2026 | 1.4% | -0.7% | 1.3% |
| 10/30/2025 | 3.1% | 5.7% | 10.8% |
| 7/28/2025 | -1.3% | -0.3% | 2.2% |
| 4/28/2025 | -4.2% | -1.8% | 2.7% |
| 2/6/2025 | -0.8% | -6.3% | -8.7% |
| 10/28/2024 | -0.2% | -0.3% | 0.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 14 |
| # Negative | 12 | 14 | 9 |
| Median Positive | 2.7% | 4.3% | 3.3% |
| Median Negative | -1.2% | -1.8% | -3.6% |
| Max Positive | 3.4% | 9.2% | 21.3% |
| Max Negative | -4.2% | -6.3% | -8.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/27/2026 | -0.1% | -1.9% | |
| 4/27/2026 | -0.7% | -5.2% | 0.0% |
| 2/5/2026 | 1.4% | -0.7% | 1.3% |
| 10/30/2025 | 3.1% | 5.7% | 10.8% |
| 7/28/2025 | -1.3% | -0.3% | 2.2% |
| 4/28/2025 | -4.2% | -1.8% | 2.7% |
| 2/6/2025 | -0.8% | -6.3% | -8.7% |
| 10/28/2024 | -0.2% | -0.3% | 0.4% |
| 7/29/2024 | 2.9% | -0.2% | 3.5% |
| 4/25/2024 | 3.4% | 7.3% | 5.3% |
| 2/8/2024 | 2.2% | 5.2% | 5.2% |
| 10/26/2023 | -2.2% | 0.8% | 3.0% |
| 7/27/2023 | 1.0% | -0.2% | -2.5% |
| 4/27/2023 | 3.0% | 9.2% | 0.4% |
| 2/9/2023 | 1.2% | 0.5% | -6.0% |
| 10/27/2022 | 3.3% | 2.2% | 6.7% |
| 7/28/2022 | 2.9% | -2.9% | -3.6% |
| 4/28/2022 | -3.5% | -4.3% | -1.0% |
| 2/10/2022 | 2.5% | 3.5% | 12.5% |
| 10/28/2021 | -1.5% | 0.7% | -6.8% |
| 7/29/2021 | -1.1% | -4.3% | -4.3% |
| 4/29/2021 | -0.4% | -1.2% | -1.9% |
| 2/4/2021 | -1.9% | -2.7% | -0.7% |
| 10/29/2020 | 2.2% | 8.2% | 21.3% |
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 14 |
| # Negative | 12 | 14 | 9 |
| Median Positive | 2.7% | 4.3% | 3.3% |
| Median Negative | -1.2% | -1.8% | -3.6% |
| Max Positive | 3.4% | 9.2% | 21.3% |
| Max Negative | -4.2% | -6.3% | -8.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 05/03/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/19/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Recent Forward Guidance
Updated 7/28/2026Latest: Q2 2026 Earnings Reported 7/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Diluted EPS | 0.37 | 0.38 | 0.39 | 18.8% | Higher New | Actual: 0.32 for Q2 2026 | |
| Q3 2026 Diluted FFOPS | 0.68 | 0.69 | 0.7 | 0.0% | Same New | Actual: 0.69 for Q2 2026 | |
| 2026 Diluted EPS | 1.39 | 1.41 | 1.43 | 11.0% | Raised | Guidance: 1.27 for 2026 | |
| 2026 Diluted FFOPS | 2.76 | 2.78 | 2.8 | 0.7% | Raised | Guidance: 2.76 for 2026 | |
| 2026 Same Property Cash NOI Growth | 4.0% | 33.3% | 1.0% | Raised | Guidance: 3.0% for 2026 | ||
| 2026 Capital Commitment to New Investments | 335.00 Mil | 15.5% | Raised | Guidance: 290.00 Mil for 2026 | |||
| 2026 Vacancy Leasing Target | 0.47 Mil | ||||||
Prior: Q1 2026 Earnings Reported 4/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Diluted EPS | 0.31 | 0.32 | 0.33 | ||||
| Q2 2026 Diluted FFOPS | 0.68 | 0.69 | 0.7 | ||||
| 2026 Diluted EPS | 1.24 | 1.27 | 1.3 | Raised | Guidance: 1.25 for 2026 | ||
| 2026 Diluted FFOPS | 2.73 | 2.76 | 2.79 | Raised | Guidance: 2.75 for 2026 | ||
| 2026 Same Property Cash NOI | 0.03 | 0.5% | Raised | Guidance: 0.03 for 2026 | |||
| 2026 Tenant Retention | 0.82 | 2.5% | Raised | Guidance: 0.8 for 2026 | |||
| 2026 Investment Activity | 290.00 Mil | Raised | Guidance: 250.00 Mil for 2026 | ||||
Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO per share growth | 1.1% | ||||||
| 2026 Anticipated Total Cost of Development Projects | 447.67 Mil | ||||||
| 2026 Annualized Rental Revenue of Expiring Leases | 138.14 Mil | ||||||
| 2027 Annualized Rental Revenue of Expiring Leases | 59.13 Mil | ||||||
| 2028 Annualized Rental Revenue of Expiring Leases | 102.90 Mil | ||||||
| 2029 Annualized Rental Revenue of Expiring Leases | 84.99 Mil | ||||||
| 2030 Annualized Rental Revenue of Expiring Leases | 49.25 Mil | ||||||
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Diluted EPS | 0.32 | 0.33 | 0.34 | 0 | Same New | Guidance: 0.33 for Q3 2025 | |
| Q4 2025 Diluted FFOPS | 0.67 | 0.68 | 0.69 | 1.5% | Higher New | Guidance: 0.67 for Q3 2025 | |
| 2025 Diluted EPS | 1.35 | 1.36 | 1.37 | 3.0% | Raised | Guidance: 1.32 for 2025 | |
| 2025 Diluted FFOPS | 2.69 | 2.7 | 2.71 | 1.1% | Raised | Guidance: 2.67 for 2025 | |
Insider Activity
Updated 7/30/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pickett, C Taylor | Direct | Sell | 6022026 | 32.25 | 31,798 | 1,025,581 | 489,859 | Form | |
| 2 | Denton, Robert L | Direct | Sell | 5282026 | 32.38 | 3,922 | 126,994 | 123,141 | Form | |
| 3 | Hawkins, Philip L | Direct | Sell | 2242026 | 32.71 | 5,536 | 181,100 | 496,848 | Form | |
| 4 | Trimberger, Lisa G | Direct | Sell | 9182025 | 30.72 | 4,896 | 150,405 | 623,217 | Form | |
| 5 | Trimberger, Lisa G | See footnote | Sell | 9182025 | 30.52 | 3,000 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pickett, C Taylor | Direct | Sell | 6022026 | 32.25 | 31,798 | 1,025,581 | 489,859 | Form | |
| 2 | Denton, Robert L | Direct | Sell | 5282026 | 32.38 | 3,922 | 126,994 | 123,141 | Form | |
| 3 | Hawkins, Philip L | Direct | Sell | 2242026 | 32.71 | 5,536 | 181,100 | 496,848 | Form | |
| 4 | Trimberger, Lisa G | Direct | Sell | 9182025 | 30.72 | 4,896 | 150,405 | 623,217 | Form | |
| 5 | Trimberger, Lisa G | See footnote | Sell | 9182025 | 30.52 | 3,000 | Form |
Investor Activity (13F)
Updated Aug 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Office REITs Resources |
| Commercial Property Executive |
| BOMA International |
| Propmodo |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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