CDP on NYSE

Corporate Office Properties Trust

Real estate investment trust

COPT Defense Properties is a real estate investment trust that invests in office buildings, mostly in the suburbs of the Washington, D.C. metropolitan area. It primarily leases to the U.S. government or companies in the arms industry.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

Compare with SELECTIS HEALTH, INC., American Assets Trust, Inc. or CIM Commercial Trust Corporation, or pick any stock.

  • TickerCDP on NYSE1
  • Industryreal estate investment trust1
  • HeadquartersColumbia1
  • Websitecopt.com
  • Incorporated inMD4
  • Business address6711 Columbia Gateway Drive, Suite 300, Columbia, Md 210464
  • Filer categoryLarge accelerated filer4
Corporate Office Properties Trust image from its website
Image: copt.com6

COPT Defense Properties is a real estate investment trust that invests in office buildings, mostly in the suburbs of the Washington, D.C. metropolitan area. It primarily leases to the U.S. government or companies in the arms industry. As of December 31, 2024, the company owned 164 office buildings comprising 16.5 million square feet and 31 single-tenant data centers comprising 5.9 million square feet.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

379.2%Net margin7
-44.3%Revenue growth, 20257
10.5%Return on equity7
1.83×Debt to equity7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Defense/IT Portfolio brought in 90% of the revenue Corporate Office Properties Trust broke down this way in fiscal 2025.

  1. Defense/IT Portfolio$646.9M790%up 6% from 2024
  2. Other Operating$74.9M710%up 11% from 2024
Business segments by year
Business segments202320242025
Defense/IT Portfolio$555.6M$610.3M$646.9M
Other Operating$69.2M$67.4M$74.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin23¢$47.8M
  • Income tax0¢$947.0K
  • Profit77¢$159.5M

Out of $42.1M in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid44¢$136.6M
  • Kept or used elsewhere56¢$173.3M

Out of $309.9M of cash from operations.7

Financial statements

Revenue8910117$42.1M in 2025−63% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $113.8M$113.8M20192020: $70.6M$70.6M2020−38%2021: $107.9M$107.9M2021+53%2022: $154.6M$154.6M2022+43%2023: $60.2M$60.2M2023−61%2024: $75.5M$75.5M2024+26%2025: $42.1M$42.1M2025−44%
Net income1210117$159.5M in 2025−17% since 2019
-$100.0M0$100.0M$200.0M2019: $191.7M$191.7M20192020: $97.4M$97.4M2020−49%2021: $81.6M$81.6M2021−16%2022: $178.8M$178.8M2022+119%2023: -$74.3M-$74.3M20232024: $143.9M$143.9M20242025: $159.5M$159.5M2025+11%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Lease revenue$714.2M$671.4M$619.8M
Other property revenue$7.7M$6.4M$5.0M
Construction contract and other service revenues$42.1M$75.5M$60.2M
Total revenues$763.9M$753.3M$685.0M
Property operating expenses$283.9M$266.0M$247.4M
Depreciation and amortization associated with real estate operations$161.8M$153.6M$148.9M
Construction contract and other service expenses$40.0M$73.3M$57.4M
General, administrative, leasing and other expenses$47.8M$47.0M$42.8M
Impairment losses$0$0$252.8M
Total operating expenses$533.6M$539.9M$749.3M
Interest expense-$86.7M-$82.2M-$71.1M
Interest and other income, net$10.7M$12.7M$12.6M
Gain on sales of real estate$3.4M$0$49.4M
Loss on early extinguishment of debt-$66.0K$0$0
Income (loss) before equity in income (loss) of unconsolidated entities and income taxes$157.7M$143.8M-$73.5M
Equity in income (loss) of unconsolidated entities$2.8M$397.0K-$261.0K
Income tax expense-$947.0K-$288.0K-$588.0K
Net income (loss)$159.5M$143.9M-$74.3M
Common units in CDPLP-$3.2M-$2.7M$1.3M
Other consolidated entities-$4.0M-$2.3M-$428.0K
Net income (loss) attributable to common shareholders$152.3M$138.9M-$73.5M
Net income (loss) attributable to common shareholders - basic (in dollars per share)$1.35$1.23-$0.67
Net income (loss) attributable to common shareholders - diluted (in dollars per share)$1.34$1.23-$0.67

Compare Corporate Office Properties Trust with another company

The story

The company was founded in 1988 by Clay W. Hamlin III as Royale Investments, Inc. In 1991, the company became a public company via an initial public offering. In 1997, the company merged with Shidler Group, founded by Jay H. Shidler, and changed its name to Corporate Office Properties Trust. In 1998, the company acquired 16 buildings from Constellation Energy in exchange for a 41.5% stake in the company. Constellation sold its stake in the company in 2002. In 2005, Randall M. Griffin became chief executive officer of the company. In September 2023, the Company changed its name from Corporate Office Properties Trust to COPT Defense Properties.

From Wikipedia’s article on COPT Defense Properties, shared under CC BY-SA 4.0.5

Leadership

Who has led Corporate Office Properties Trust, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (22)

Products and brands

  • office

Listed on Wikidata.1

Former names

  • CORPORATE OFFICE PROPERTIES TRUST INCFeb 5, 1998 to Jan 22, 19984
  • ROYALE INVESTMENTS INCAug 14, 1996 to Nov 24, 19974

Timeline

  1. Feb 9, 2017New chief executive Stephen E. Budorick becomes CEO16
  2. Mar 29, 2010New chief executive Randall M. Griffin becomes CEO17
  3. Jan 22, 1998Founded Corporate Office Properties Trust is founded50

Filings

272 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 42 major events, 149 insider forms, 25 large holders, 36 other. The latest 20:

  1. Aug 7, 20264 EDGAR
  2. Aug 3, 202610-Q EDGAR
  3. Jul 30, 20264 EDGAR
  4. Jul 27, 20268-K EDGAR
  5. Jul 16, 2026SCHEDULE 13G EDGAR
  6. Jun 26, 20264 EDGAR
  7. Jun 2, 20264 EDGAR
  8. May 28, 20264 EDGAR
  9. May 20, 20268-K EDGAR
  10. May 18, 20264 EDGAR
  11. May 18, 20264 EDGAR
  12. May 18, 20264 EDGAR
  13. May 18, 20264 EDGAR
  14. May 18, 20264 EDGAR
  15. May 18, 20264 EDGAR
  16. May 18, 20264 EDGAR
  17. May 14, 20264 EDGAR
  18. May 6, 202610-Q EDGAR
  19. Apr 30, 20264 EDGAR
  20. Apr 29, 2026SCHEDULE 13G EDGAR

The 272 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 25 such filings since October 2021, the latest 10:

  1. Jul 16, 2026SCHEDULE 13G
  2. Apr 29, 2026SCHEDULE 13G
  3. Mar 26, 2026SCHEDULE 13G/A
  4. Feb 5, 2026SCHEDULE 13G
  5. Nov 14, 2025SCHEDULE 13G/A
  6. Feb 5, 2025SCHEDULE 13G
  7. Feb 13, 2024SC 13G/A
  8. Feb 13, 2024SC 13G
  9. Feb 9, 2024SC 13G/A
  10. Jan 29, 2024SC 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.19,915,482$724.7M0.0%−1,385,296
Vanguard Portfolio Management LLC12,076,995$439.5M0.0%+217,928
Alliancebernstein L.P.8,880,283$271.7M0.1%+41,315
State Street Corp6,871,138$252.1M0.0%+34,561
Jpmorgan Chase & Co6,080,134$223.0M0.0%+1,223,994
Vanguard Capital Management LLC5,095,897$185.4M0.0%+42,012
Earnest Partners LLC4,420,946$160.9M0.6%−102,795
Geode Capital Management, LLC3,465,042$126.1M0.0%+198,766
Channing Capital Management, LLC2,891,994$105.2M2.4%−89,166
Westwood Holdings Group Inc2,840,694$103.4M0.8%−405,052
Charles Schwab Investment Management Inc2,368,640$86.2M0.0%+121,777
Bank Of America Corp /de/2,309,954$84.1M0.0%−11,385
Sei Investments Co2,204,679$80.2M0.1%−87,808
Morgan Stanley2,089,769$76.0M0.0%−133,731
GRS Advisors, LLC1,930,934$70.3M5.9%+280,879
Northern Trust Corp1,883,872$68.6M0.0%+277,512
Principal Financial Group Inc1,751,745$63.7M0.0%−1,914
Two Sigma Investments, LP1,720,245$62.6M0.0%−523,935
Goldman Sachs Group Inc1,676,030$61.0M0.0%+215,884
Dimensional Fund Advisors LP1,669,150$60.7M0.0%−13,146
Aqr Capital Management LLC1,575,072$57.3M0.0%+163,872
Bank of New York Mellon Corp1,312,183$47.8M0.0%−5,208
Millennium Management LLC1,296,926$47.2M0.0%+284,362
Ameriprise Financial Inc1,241,459$45.2M0.0%+428,000
Fort Washington Investment Advisors Inc /oh/982,340$35.7M0.2%+15,490

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 16, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+5.0%Report
Jun 11, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−11.2%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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