CDP · Copt Defense Properties

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$33.13 +0.43 (+1.31%) At close · Nov 13

S&P 400 member Russell 2000 member Rebalance outlook locked

Market Cap

$3.76B

113.42M

Volume · Nov 13 545.52K Avg daily vol (3M) 891.6K

Up next

Next earnings call

Feb 5, 2027 Est · unconfirmed · in 12 wks

Q3 2026 earnings call transcript

call held Oct 30, 2026

Play latest call

Latest documents

what the company just published, in one sentence each

2026

Nov 4

Quarterly report 10-Q FY2026 Q3, ended Sep 30

Quarterly report for FY2026 Q3 AI summary on its way

Revenue $208.76M ▲ 10.6% Net income $49.79M ▲ 13.8% Diluted EPS $0.41 ▲ 10.8%

Oct 30

Earnings call

Q3 2026 earnings call

Kopp Defense Properties reported third-quarter FFO per share of 71 cents, same property cash NOI growth of 3.2% and 222,000 square feet of vacancy leasing. It raised 2026 FFO per share guidance to $2.80 and new investment commitments to $375 million.

Oct 29

Current report 8-K

Financial results

COPT Defense Properties reported net income of 49,794 and NOI from real estate operations of 120,330; its total portfolio had 208 properties, 25,303 thousand square feet, 94.0% occupied and 95.0% leased.

Read from the first part of this long document

Aug 3

Quarterly report 10-Q FY2026 Q2, ended Jun 30

Quarterly report for FY2026 Q2 AI summary on its way

Revenue $197.39M ▲ 3.9% Net income $48.56M ▲ 20.9% Diluted EPS $0.40 ▲ 17.6%

Jul 28

Earnings call

Q2 2026 earnings call AI summary on its way

All documents

Metrics snapshot

Useful current figures from the complete screener profile.

View all 129 metrics

Revenue (TTM)

$804.14M

Trailing 12 months

Net income (TTM)

$177.89M

Trailing 12 months

Revenue growth YoY

+10.6%

Year over year

Operating margin

—

Trailing 12 months

P / FFO

11.3×

Company-stated · TTM · reciprocal yield 8.8%

P / AFFO

12.0×

Company-stated · FY2025 · reciprocal yield 8.3%

P / E (TTM)

22.5

Trailing earnings · reciprocal yield 4.4%

Net cash

−$2.56B

Latest balance sheet

Dividend yield

3.8%

Trailing 12 months

Shares change YoY

+2.4%

Year over year · more shares

Price change (1Y)

+14.9%

Trailing year

Short interest

9.4%

Latest settlement · 14.8 days to cover

View all 129 metrics

Quarterly results

Revenue Net income Net loss

▲2.1% $183.43M $36.47M '24 Q4* ▼2.8% $187.86M $36.23M '25 Q1 ▲1.4% $189.91M $40.17M '25 Q2 ▼0.2% $188.79M $43.74M '25 Q3 ▲7.6% $197.36M $39.40M '25 Q4* ▲6.8% $200.64M $40.14M '26 Q1 ▲3.9% $197.39M $48.56M '26 Q2 LATEST ▲10.6% $208.76M $49.79M '26 Q3

* Q4 derived as the full year minus Q1 to Q3.

AI Brief

Q2 FY26 earnings call · Jul 28, 2026

Q2 FY26

TL;DR. COPT Defense reported Q2 FFO per share of $0.71, $0.02 above the midpoint of guidance and up 4.4% year-over-year, and raised midpoints of 2026 guidance for FFO/share (to $2.78), same property cash NOI growth (to 4.0%), and capital commitments to new investments (to $335 million). Same property cash NOI grew 7.4% in the quarter, the company raised its vacancy leasing target by nearly 20% to 475,000 square feet, and it is starting two new Redstone Gateway development projects to meet accelerating mission demand.

Bullish

+ Raised full-year same property cash NOI growth guidance midpoint by 100 bps to 4.0%, 150 bps above initial guidance
+ Raised full-year cash rent spread on renewals guidance midpoint by 100 bps to 3.0%
+ Raised 2026 capital commitment to new investments by $45 million to $335 million
+ Raised full-year vacancy leasing target by nearly 20% to 475,000 square feet after executing 139,000 SF in Q2 and 231,000 SF in 1H26 (~60% of initial full-year target)
+ Starting two new Redstone Gateway development projects totaling 240,000 SF due to no remaining unleased space and 415,000 SF of incremental demand from defense contractors

Bearish

− Guidance assumes ~$0.12 per share of higher financing costs year-over-year ($0.08 bond refinancing + $0.04 exchangeable note dilution)
− Q2 tenant retention was only 68% due to two strategic non-renewals in the Fort Meade-BW corridor, despite YTD retention of 84%

AI-generated from the earnings call and 8-K · may contain errors · not investment advice

Equibles Rating

blended score · not investment advice

Overall

Buy

SellHoldBuy

Technical Buy Momentum Strong Sentiment Neutral Fundamentals Strong Quant / Vol Low

Market backdrop VIX 19.3 · elevated Equity put/call 0.63

Technical

price trend

Buy

50 / 200-day cross No cross

Price vs 200-day avg −2%

below

Price vs 50-day avg −2%

below

RSI (14) 47

neutral

MACD trend Positive

52-week position 52%

mid-range

Momentum

relative strength

Strong

1-month return 0%

trailing

6-month return +2%

trailing

YTD return +19%

this year

Relative strength +2%

vs S&P · 6-mo

Sentiment

smart money

Neutral

Trend (MA cross) No cross

50d $34 › 200d $34 — 50d above 200d

Institutional flow Accumulating

291 of 330 funds reported for Sep 30 · net +975.7K sh shares · +30 new

Insider flow Flat

No net insider activity over 90 days

Short interest Rising

9.41% of shares out · ▲ +5.2% MoM · 14.8 days cover

Volume signal Normal

Volume near normal

Institution breadth Multi-yr high

330 holders — near 3-yr high, broad support

Squeeze score 76

high risk · 0–100

Fundamentals

Strong

Revenue growth +1%

Y/Y

EPS growth +9%

Y/Y

Valuation P/E 22.5

below peers

Balance sheet $2.5B

net debt

Quant / Vol

risk profile

Low

Volatility 19%

annualized · 1-yr

Max drawdown −16%

past year

ATR 2.3%

of price · 14-day

Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.

Guidance & track record

what management promised — and delivered

Latest guidance · from the Earnings Call filed Oct 30, 2026

2026

Same property cash NOI growth Maintained 4.25%

Oct 29, 2026 4.25% Oct 30, 2026 4.25%

Capital committed to new investments $375M

Capital invested in development and acquisitions Maintained $240M

Oct 29, 2026 $240M Oct 30, 2026 $240M

Tenant retention Maintained 80%

Oct 29, 2026 80% Oct 30, 2026 80%

FFO per share growth Non-GAAP 3%

end the year

Same property occupancy 94%

during the year

Capital commitment $375M

two-year total

Capital commitment $650M

2027

Variable rate debt at least $125M

2027 relative to 2026

Interest expense $8M

Previous outlook earlier release · from the 8-K filed Oct 29, 2026

Still-open targets the latest release did not restate under the same label.

Capital commitment to new investments · 2026 $375M

Diluted EPS · Quarter Ending December 31, 2026 $0.29 – $0.31

Diluted EPS · Year Ending December 31, 2026 $1.43 – $1.45

Diluted FFOPS, as adjusted for comparability · Quarter Ending December 31, 2026 $0.68 – $0.70

Diluted FFOPS, as adjusted for comparability · Year Ending December 31, 2026 $2.79 – $2.81

Prior guidance period ended · from the 8-K filed Jul 27, 2026

Diluted FFOPS, per Nareit and as adjusted for comparability · third quarter $0.68 – $0.70

Diluted FFOPS, Nareit definition and as adjusted for comparabili · third quarter $0.68 – $0.70

Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.

Technicals

trend & momentum for long-term holders Buy

0 · 5 · 1

50 / 200-day cross

No cross Neutral

Price vs 200-day avg

−2% Neutral

Price vs 50-day avg

−2% Neutral

RSI (14)

47 Neutral

MACD trend

Positive Bullish

52-week position

52% Neutral

Market signals — smart money & positioning

Bullish · 2 of 6

Trend (MA cross) No cross

50d $34 › 200d $34 — 50d above 200d

Institutional flow Accumulating

291 of 330 funds reported for Sep 30 · net +975.7K sh shares · +30 new

Insider flow Flat

No net insider activity over 90 days

Short interest Rising

9.41% of shares out · ▲ +5.2% MoM · 14.8 days cover

Volume signal Normal

Volume near normal

Institution breadth Multi-yr high

330 holders — near 3-yr high, broad support

Price context

position in its 52-week range

Range low $27 Now $33 · 52% Range high $38

vs 200-day avg -2% vs 50-day avg -2%

Illustrative technical + ownership context — a signal mix, not investment advice.

Key metrics

the company's own KPIs, from written earnings releases and filings

Metric	Latest	Period	YoY
Average straight-line rent per occupied square foot	$7.26	the three months ended June 30, 2026 filing	—
Basic FFO available to common share and common unit holders	82.95M	the three months ended June 30, 2026 filing	—
Diluted FFO available to common share and common unit holders and as adjusted for comparability non-GAAP	83.02M	the three months ended June 30, 2026 filing	—
Diluted FFO per share and as adjusted for comparability non-GAAP	$0.71	the three months ended June 30, 2026 filing	—
FFO	85M	the three months ended June 30, 2026 filing	—
NOI from real estate operations	120.09M	the three months ended June 30, 2026 filing	—
GAAP → non-GAAP reconciliation GAAP Net income 48.56M -6.77M Construction contract and other service revenues +42.29M Depreciation and other amortization associated with real estate operations +6.02M Construction contract and other service expenses +13.26M General, administrative, leasing, and other expenses +24.44M Interest expense -2.97M Interest and other income, net -6.44M Gain on sales of real estate -392K Equity in income of unconsolidated entities +2.05M UJV NOI allocable to COPT Defense included in equity in income of unconsolidated entities +34K Income tax expense = NOI from real estate operations 120.09M
NOI from service operations	743K	the three months ended June 30, 2026 filing	—
Same Property average occupancy rate	94.5%	the three months ended June 30, 2026 filing	—

Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period

Versus peers

REIT - Office — same industry group

Open screener →

Company	Mkt cap	YTD	Rev growth Y/Y	P/E	Short % shares
CDP Copt Defense Properties this stock	$3.76B	+19.2%	+1.4%	22.5	9.4%
BXP BXP, Inc.	$10.18B	-5.5%	+2.2%	19.1	8.0%
ARE Alexandria Real Estate Equities, Inc.	$7.64B	-10.4%	-2.9%	—	3.7%
VNO Vornado Realty Trust	$6.48B	+4.3%	+1.3%	—	6.5%
CUZ Cousins Properties Inc	$4.88B	+15.0%	+16.0%	329.3	8.0%

Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding

At a glance

key data from every section

Ownership

Institutional Holders Accumulating

Holders

344

% held: 113.7%
Reported: 291 of 330
Top holder: BlackRock, Inc.

Held Float

View

Held by Funds

Fund positions

407

View

Short & Settlement

Short Interest Rising

Shares short

10.7M

Days to cover: 14.8d
Change: +528.3K sh

View

Short Volume

Short vol %

74%

As of: Nov 13, 2026

Short Total

View

Fails to Deliver

FTD shares

Value: $2.2K
As of: Oct 9, 2026

View

Off-Exchange

Off-exchange %

54.2%

Week of: Oct 5, 2026

Off-exch Lit

View

Smart Money

Congressional Trades Sell

Member

Lisa McClain

Amount: $1.0K–$15.0K
Traded: Jul 16, 2025

View

Financials

Revenue (FY)

$763.9M

Net income (FY): $97.4M
EPS diluted: $1.34

View

Filings

SEC Filings

Latest

10-Q

Filed: Nov 4, 2026
This year: 16

View

Proposed Sales

Value

$181.1K

Shares: 5.5K
Filed: Feb 23, 2026

View

Earnings & Events

Webcasts

Last webcast

Oct 30, 2026

View

Investor Relations

Performance

	5D	20D	120D	MTD	YTD
CDP	+0.8%	-0.5%	+2.4%	-0.7%	+19.2%
SPY	+2.6%	-1.2%	+0.5%	-0.2%	+10.6%
vs SPY	-1.8%	+0.7%	+1.9%	-0.5%	+8.6%

Capital returns

Latest dividend

$0.32 / share · ex Sep 30, 2026

Declared · upcoming

$0.32 / share · ex Dec 31, 2026

Raised 4.9%

Paid (TTM)

$1.265 / share · 4 payouts

Dividend yield (TTM, derived)

3.82%

Full dividend history

Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.

Key facts CIK 860546 CUSIP 22002T108 13F (30d) 314 filings 251 filers Visit website Investor relations

CDP · Copt Defense Properties

Price & Indicators

Up next

Latest documents

Metrics snapshot

Quarterly results

AI Brief

Equibles Rating

Guidance & track record

Technicals

Key metrics

Versus peers

At a glance

Performance

Capital returns