📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

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).

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

See full financials →

📊 Quick Scorecard

Loading…

⭐ Superinvestors Holding CDP

View All Superinvestors →

Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	253.9K	$7.8M	0.01%	Mar 2026
Steve Cohen Point72 Asset Management	35.8K	$1.1M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

The CEO opened with 'excellent results' and cited specific metrics: FFO per share growth of 6.3%, 95.6% leased (20-year high), and 90% tenant retention. The tone was upbeat and numeric throughout, and management raised guidance on four key metrics.

Q3 2025

Confident Specific

CEO opened by noting the company's strong performance throughout the first half continued into Q3, resulting in increases to guidance across six metrics. They highlighted 31 consecutive quarters of achieving or outperforming FFO per share guidance, and cited specific figures like 6.2% year-over-year FFO growth and 4.6% same property cash NOI growth.

Q4 2025

Confident Specific

Management repeatedly used phrases like 'another great year', 'outperformed on virtually all metrics', and 'incredibly strong' leasing results, backed by specific figures such as FFO per share of $2.72 and 4.1% Same Property Cash NOI growth.

Q1 2026 latest

Confident Specific

Management repeatedly uses terms like 'solid start', 'strong results', 'on track', and provides precise figures for occupancy (94.4%), FFO per share ($0.69), and retention (91%). They raise four guidance metrics and explicitly cite year-over-year and sequential improvements.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management delivered strong Q1 results with above-guidance FFO per share, raised full-year guidance on multiple metrics, and highlighted a record defense budget proposal that directly supports their tenant base. The dividend increase and credit rating upgrade reinforce financial discipline. However, the stock's re-rating may depend on actual appropriations flowing through, as the budget is still aspirational. Watch next quarter for concrete leasing from Golden Dome-related missions and progress on the Huntsville inventory buildings. The lack of near-term acquisition pipeline and the impasse on Des Moines data center suggest external growth will rely heavily on development starts, which management is approaching cautiously.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🔒

Premium Feature

AI-generated 10-section company profile — business model, financials, strengths, risks & management quality

Upgrade to Premium

Already a member? Log in

📐

3-Statement Financial Model

Bear / Base / Bull projections · DCF fair value · Reverse-DCF

Open Model →

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED COPT Defense Q1 FFO rises 6.2% to $0.69; dividend up 4.9%, portfolio occupancy 94.4%.

Revenue & Profitability

First-quarter FFO per share was $0.69, up 6.2% year-over-year and $0.01 above the midpoint of guidance. The company increased its annual dividend by $0.06 per share (4.9%), marking its fourth consecutive year of increases. 2026 FFO per share guidance midpoint was raised to $2.76. Same-Property Cash NOI growth guidance midpoint was increased to 3% from 2.5%, reflecting stronger renewal leasing and tax refunds.

Outlook

Management highlighted the FY2027 defense budget request of $1.5 trillion (a ~45% year-over-year increase), with a base budget of $1.1 trillion up ~30%. This continues a 12-year trend of bipartisan support for defense spending. The budget includes significant increases for intelligence (+14%), DoD cyber (+25%), and Golden Dome missile defense. Management expects a 12–18 month lag between appropriations and lease activity, providing a favorable demand backdrop.

Growth Drivers

Growth is driven by the defense spending tailwind, development pipeline of over 1 million sq ft (73% pre-leased, $500+ million capital committed), and vacancy leasing targeting 400,000 sq ft for the year. Key growth markets include Huntsville (Redstone Gateway) for Golden Dome and missile defense, and the Northern Virginia/BW Corridor for cyber and intelligence tenants. The company also pursues strategic acquisitions, such as the Mission Ridge land parcel near the Westfield submarket.

Balance Sheet & CapEx

Year to date, COPT Defense committed nearly $250 million to three new investments: a $55 million development at Redstone Gateway (inside the fence, ATFP inventory), a ~$43 million land and ground lease acquisition (Mission Ridge in Chantilly, VA), and 620 Guardian Way (a fully leased build-to-suit). The 2026 guidance for capital committed to new investments was raised to $290 million. The company maintains a conservative AFFO payout ratio below 65% and self-funds equity for external investments.

Margins

Margin trajectory is supported by high occupancy and strong renewal rent spreads (cash +3.8%, GAAP +12%). The company is focused on reducing concessions, particularly free rent, and has seen mid-single-digit net effective rent growth. Same-Property Cash NOI growth of 5.4% reflects operating leverage. The AFFO payout ratio remains conservative at below 65%. No explicit margin percentages were provided.

Key Risks

Management flagged that the defense budget increase is aspirational and not yet passed or appropriated, creating uncertainty in timing. Power constraints in Des Moines have stalled the data center project. The small regional office portfolio faces heavier lease expirations in coming years, which could create headwinds. The company’s growth is also sensitive to interest rates, as evidenced by higher financing costs from refinancing a $400 million bond (now at 4.5% vs. 2.25%).

Generated by AI · Q1 2026 results · Not investment advice

🔒

Free Account Required

Create a free Finmagine account to access Finmagine™ Scorecard.

See how this company scores across 5 dimensions — Financial Health, Growth Prospects, Competitive Position, Management Quality, and Valuation — powered by 30+ computed ratios.

Create Free Account Log In

🔒

Premium Feature

Upgrade to Finmagine Premium to unlock Ask AI.

Get 25 expert AI analysis templates — Business KPIs, Comprehensive, Forensic Governance, Peer Comparison, Risk-Reward, Full Research Report, IPO Decoder, Red Flag Detector, and more — ready to paste into ChatGPT, Claude, Gemini, or Perplexity.

Upgrade to Premium Create Free Account

🔒

Premium Feature

Upgrade to Finmagine Premium to unlock Peer Comparison.

Compare this company side-by-side against its sector peers with financial metrics, ratio benchmarking, and relative performance across all key dimensions.

Upgrade to Premium Create Free Account

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

🔍

🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-28

FFO per share grew 4.4% year-over-year to $0.71, exceeding guidance, with strong leasing and tenant retention driving raised annual guidance for FFO, NOI, and capital commitments. Defense sector demand and bipartisan budget support underpin robust growth and development activity.

Q1 2026 Q1 2026 2026-04-28

FFO per share grew 6.2% year-over-year, with strong leasing, high occupancy, and a 4.9% dividend increase. Moody’s upgraded the credit rating to Baa2, and guidance was raised for FFO, NOI, retention, and investment. Defense budget growth supports a positive outlook.

Q4 2025 Q4 2025 2026-02-06

FFO per share grew 5.8% in 2025, exceeding guidance, with strong leasing and occupancy gains. 2026 guidance projects continued growth despite higher financing costs, supported by robust development and a record U.S. defense budget.

Q3 2025 Q3 2025 2025-10-31

FFO per share grew 6.2% year-over-year, with record leasing and tenant retention rates. Guidance for 2025 was raised across six key metrics, and $400 million in new financing was secured to support growth and pre-fund debt maturities.

Q2 2025 Q2 2025 2025-07-29

Q2 saw robust leasing, record-high occupancy, and 6.3% FFO per share growth year over year. Guidance for FFO, NOI, and leasing targets was raised, supported by strong defense spending and a healthy development pipeline. Portfolio remains 95.6% leased, with high tenant retention.

🔒

Premium Feature

Upgrade to Finmagine Premium to unlock Catalyst Timeline.

Every result, order win, insider trade, ECS update, earnings-call, and SEC announcement for this company — in one chronological lane.

Upgrade to Premium Create Free Account

🔒

Premium Feature

Upgrade to Finmagine Premium to unlock Full Report.

Read the complete Finmagine™ investment research report — comprehensive fundamental analysis, business model assessment, competitive positioning, and investment recommendation.

Upgrade to Premium Create Free Account

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯

Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.

📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.