COPT DEFENSE PROPERTIES

Listed Company

CDPCIK 0000860546NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$763.92M

Net Income

$159.53M

Total Assets

$4.70B

Equity

$1.51B

Shares Out

113.21M

Op. Cash Flow

$309.93M

Business

COPT DEFENSE PROPERTIES is a fully integrated, self-managed real estate investment trust that owns, operates and develops properties proximate to or containing U.S. Government defense installations and missions. It provides high-security office buildings, single-tenant data center shells and related real estate services, including property management, development and construction (some services via a taxable REIT subsidiary). Its reportable segments are the Defense/IT Portfolio (with sub-segments such as Fort Meade/Baltimore‑Washington Corridor, Northern Virginia, Lackland AFB, Navy Support, Redstone Arsenal and Northern Virginia data centers) and Other. The company leases primarily to the U.S. Government and defense contractors across Maryland, Northern Virginia, Washington, D.C., Huntsville, Alabama and San Antonio, Texas, and operates through direct ownership, joint ventures and operating partnerships.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Lease revenue	714	671	620	580	554
Other property revenue	8	6	5	4	3
Construction contract and other service revenues	42	76	60	155	108
Total revenues	764	753	685	739	664
Property operating expenses	284	266	247	227	213
Depreciation and amortization associated with real estate operations	162	154	149	141	138
Construction contract and other service expenses	40	73	57	150	104
General, administrative, leasing and other expenses	48	47	43	39	41
Impairment losses	0	0	253	0	0
Total operating expenses	534	540	749	558	496
Interest expense	−87	−82	−71	−61	—
Interest and other income, net	11	13	13	9	9
Gain on sales of real estate	3	0	49	19	66
Loss on early extinguishment of debt	−66,000	0	0	−609,000	−101
Income (loss) before equity in income (loss) of unconsolidated entities and income taxes	158	144	−73	148	77
Equity in income (loss) of unconsolidated entities	3	397,000	−261,000	2	1
Income tax expense	−947,000	−288,000	−588,000	−447,000	−145,000
Net income (loss)	160	144	−74	179	82
Common units in CDPLP	−3	−3	1	−3	−1
Other consolidated entities	−4	−2	−428,000	−3	−4
Net income (loss) attributable to common shareholders	152	139	−73	173	77
Net income (loss) attributable to common shareholders - basic (in dollars per share)	1.35	1.23	−0.67	1.54	0.68
Net income (loss) attributable to common shareholders - diluted (in dollars per share)	1.34	1.23	−0.67	1.53	0.68

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating properties, net	3,500	3,353	3,247	3,259	3,091
Projects in development or held for future development	283	277	257	297	442
Total properties, net	3,783	3,631	3,504	3,556	3,533
Property - operating lease right-of-use assets	50	56	41	37	38
Cash and cash equivalents	275	38	168	12	13
Investment in unconsolidated real estate joint ventures	36	39	41	21	40
Accounts receivable, net	58	42	49	43	41
Deferred rent receivable	178	161	149	125	109
Lease incentives, net	72	64	61	50	51
Deferred leasing costs (net of accumulated amortization of $44,127 and $44,060, respectively)	75	71	70	69	66
Prepaid expenses and other assets, net	103	82	82	97	81
Total assets	4,702	4,254	4,247	4,257	4,262
Debt, net	2,768	2,392	2,416	2,232	2,272
Accounts payable and accrued expenses	147	126	133	158	186
Rents received in advance and security deposits	38	39	35	30	32
Dividends and distributions payable	35	34	33	31	31
Deferred revenue associated with operating leases	48	40	29	11	9
Property - operating lease liabilities	45	49	34	29	29
Other liabilities	33	14	19	19	18
Total liabilities	3,114	2,694	2,700	2,510	2,578
Commitments and contingencies (Note 17)	—	—	—	—	—
Redeemable noncontrolling interest	26	24	24	26	27
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 113,210,642 at December 31, 2025 and 112,703,460 at December 31, 2024)	1	1	1	1	1
Additional paid-in capital	2,503	2,494	2,490	2,486	2,482
Cumulative distributions in excess of net income	−989	−1,003	−1,009	−808	−857
Accumulated other comprehensive (loss) income	−61,000	988,000	2	2	−3
Total shareholders equity	1,515	1,493	1,484	1,682	1,623
Common units in COPT Defense Properties, L.P. (CDPLP)	29	29	26	26	21
Other consolidated entities	18	15	14	14	13
Noncontrolling interests in subsidiaries	47	44	40	40	34
Total equity	1,562	1,537	1,524	1,721	1,657
Total liabilities, redeemable noncontrolling interest and equity	4,702	4,254	4,247	4,257	4,262

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues from real estate operations received	707	700	638	581	571
Construction contract and other service revenues received	46	73	66	155	100
Property operating expenses paid	−283	−262	−243	−231	−223
Construction contract and other service expenses paid	−45	−75	−65	−160	−87
General, administrative, leasing and other expenses paid	−35	−35	−33	−33	−29
Interest expense paid	−75	−76	−60	−56	−65
Lease incentives paid	−22	−18	−26	−10	−18
Sales-type lease costs paid	−776,000	−2	−7	0	−2
Interest and other income received	17	23	5	19	1
Income taxes paid	−40,000	−53,000	−37,000	0	−60,000
Other	2	2	1	1	1
Net cash provided by operating activities	310	331	276	266	249
Properties in development or held for future development	−176	−164	−265	−283	−268
Acquisitions of operating properties and related intangible assets	−33	−32	0	0	—
Tenant improvements on operating properties	−60	−54	−67	−44	−21
Other capital improvements on operating properties	−21	−31	−21	−36	−30
Proceeds from sale of properties	5	0	190	281	143
Non-operating distributions from unconsolidated real estate joint venture	22	1	1	27	1
Investing receivables funded	−10	−2	−1	−20	−6
Investing receivables payments received	3	4	11	6	0
Leasing costs paid	−18	−13	−16	−14	−22
Other	−1	−105,000	−1	−722,000	−160,000
Net cash used in investing activities	−290	−291	−170	−83	−203
Revolving Credit Facility	370	76	291	852	597
Revolving Development Facility	159	0	0	—	—
Unsecured senior notes	395	0	336	0	1,383
Revolving Credit Facility	−391	−76	−427	−717	−664
Term loan facility	−75	0	0	−300	−100
Revolving Development Facility	−63	0	0	—	—
Scheduled principal amortization	−2	−2	−3	−3	−4
Other debt repayments	−22	−28	−16	0	−138
Deferred financing costs paid	−11	0	−1	−7	−4
Common share dividends paid	−137	−132	−127	−124	−124
Distributions paid to redeemable noncontrolling interests	−2	−2	−3	−3	−2
Other	−6	−6	−4	−6	−4
Net cash provided by (used in) financing activities	217	−170	46	−183	−51
Net increase (decrease) in cash and cash equivalents and restricted cash	237	−130	153	−807,000	−5
Depreciation and other amortization	164	156	151	144	151
Amortization of deferred financing costs and net debt discounts	7	7	6	5	5
Change in net deferred rent receivable and liability	−9	−1	−5	−19	−19
Gain on sales of real estate	−3	0	−49	−48	−66
Share-based compensation	12	10	9	9	8
Other	6	12	−5	11	−5
(Increase) decrease in accounts receivable	−16	6	−6	−2	−662,000
Increase in lease incentives and prepaid expenses and other assets, net	−10	−3	−5	2	−27
Increase (decrease) in accounts payable, accrued expenses and other liabilities	556,000	−4	−3	−11	22
(Decrease) increase in rents received in advance and security deposits	−646,000	3	5	−2	−1
Increase (decrease) in accrued capital improvements, leasing and other investing activity costs	19	−8	−23	−11	21
Finance right-of-use asset contributed by noncontrolling interest in joint venture	3	0	0	—	0
Recognition of operating lease right-of-use assets and related lease liabilities	302,000	20	9	683,000	328,000
Recognition of finance lease right-of-use assets and related lease liabilities	0	0	434,000	0	0
Investment in unconsolidated real estate joint ventures retained in property disposition	0	0	21	7	12
Decrease in fair value of derivatives applied to accumulated other comprehensive loss/income and noncontrolling interests	−1	−1	−73,000	5	6
Decrease in noncontrolling interests and increase in shareholders equity in connection with the conversion of common units into common shares	4	538,000	0	0	121,000
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership	−3	−1	−1	−1	−2
Increase in redeemable noncontrolling interests and decrease in equity to adjust for changes in fair value of redeemable noncontrolling interests	2	394,000	72,000	−436,000	2
Reclassification of redeemable noncontrolling interests to equity	0	0	3	0	0

Filings

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