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Complete financial analysis of COPT Defense Properties (CDP) income statement, including revenue, profit margins, EPS and key performance metrics. Get detailed insights into the financial performance of COPT Defense Properties, a leading company in the REIT – Office industry within the Real Estate sector.
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COPT Defense Properties (CDP)
About COPT Defense Properties
COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties. The majority of its portfolio is in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (IT) related activities servicing what the Company believes are growing, durable, priority missions (Defense/IT Locations). The Company also owns a portfolio of office properties located in select urban submarkets in the Greater Washington, DC/Baltimore region with durable Class-A office fundamentals and characteristics (Regional Office Properties). As of June 30, 2023, the Company derived 90% of its core portfolio annualized rental revenue from Defense/IT Locations and 10% from its Regional Office Properties. As of the same date and including 24 properties owned through unconsolidated joint ventures, COPT's core portfolio of 192 properties encompassed 22.9 million square feet and was 95% leased.
| Metric | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 684.98M | 739.03M | 664.45M | 609.37M | 641.23M | 578.11M | 612.78M | 574.56M | 625.27M | 586.70M | 525.47M |
| Cost of Revenue | 453.75M | 518.62M | 454.97M | 409.65M | 445.17M | 394.59M | 422.99M | 374.09M | 435.39M | 279.99M | 226.07M |
| Gross Profit | 231.23M | 220.41M | 209.47M | 199.72M | 196.05M | 183.52M | 189.79M | 200.47M | 189.88M | 306.71M | 299.40M |
| Gross Profit Ratio | 33.76% | 29.82% | 31.53% | 32.77% | 30.57% | 31.75% | 30.97% | 34.89% | 30.37% | 52.28% | 56.98% |
| Research & Development | 0.00 | 0.20 | 0.12 | 0.17 | 0.29 | 0.12 | 0.12 | 0.02 | 0.00 | 0.00 | 0.00 |
| General & Administrative | 42.77M | 38.99M | 40.77M | 37.47M | 39.64M | 28.90M | 30.84M | 30.10M | 31.36M | 31.79M | 30.87M |
| Selling & Marketing | 0.00 | 0.00 | 0.00 | 4.47M | 4.24M | 5.84M | 6.21M | 8.24M | 9.41M | 5.57M | 5.44M |
| SG&A | 42.77M | 38.99M | 40.77M | 37.47M | 39.64M | 0.11 | 0.10 | 0.02 | 40.77M | 37.37M | 36.31M |
| Other Expenses | 0.00 | -40.14M | -41.87M | -91.79M | -41.57M | -77.29M | -80.88M | -149.35M | -47.72M | 0.00 | 0.00 |
| Operating Expenses | 231.23M | 39.26M | 39.65M | 36.54M | 39.64M | 172.14M | 177.02M | 220.34M | 47.72M | 173.75M | 173.60M |
| Cost & Expenses | 496.52M | 557.89M | 494.62M | 446.19M | 484.82M | 431.50M | 467.61M | 463.35M | 483.11M | 453.74M | 399.67M |
| Interest Income | 12.59M | 9.34M | 7.88M | 8.57M | 7.89M | 71.03M | 70.67M | 77.72M | 84.56M | 87.47M | 77.97M |
| Interest Expense | 72.46M | 61.17M | 65.40M | 67.94M | 71.05M | 75.39M | 76.98M | 78.59M | 84.61M | 87.73M | 76.56M |
| Depreciation & Amortization | 151.40M | 557.61M | 495.75M | 475.58M | 484.35M | 430.42M | 461.08M | 413.88M | 140.03M | 125.59M | 115.27M |
| EBITDA | 337.49M | 192.23M | 320.44M | 303.48M | 292.30M | 288.66M | 288.95M | 295.88M | 282.18M | 271.75M | 265.14M |
| EBITDA Ratio | 49.27% | 26.01% | 26.91% | 28.48% | 25.88% | 49.93% | 47.15% | 51.50% | 45.13% | 46.32% | 50.46% |
| Operating Income | 188.46M | 48.64M | 168.70M | 160.71M | 156.08M | 137.12M | 134.23M | 132.72M | 142.16M | 146.16M | 149.88M |
| Operating Income Ratio | 27.51% | 6.58% | 25.39% | 26.37% | 24.34% | 23.72% | 21.90% | 23.10% | 22.74% | 24.91% | 28.52% |
| Total Other Income/Expenses | -262.22M | -31.72M | -90.33M | -59.76M | 43.71M | -66.25M | 150.08M | -158.39M | 46.76M | -111.34M | -111.06M |
| Income Before Tax | -73.76M | 149.70M | 78.37M | 103.23M | 199.79M | 284.80M | 285.92M | 293.40M | 172.96M | 45.49M | 47.83M |
| Income Before Tax Ratio | -10.77% | 20.26% | 11.79% | 16.94% | 31.16% | 49.26% | 46.66% | 51.06% | 27.66% | 7.75% | 9.10% |
| Income Tax Expense | 588.00K | 447.00K | 145.00K | 353.00K | -217.00K | 147.69M | 151.69M | 160.68M | 199.00K | 310.00K | 1.98M |
| Net Income | -73.47M | 173.03M | 76.54M | 97.37M | 191.69M | 70.40M | 70.81M | 11.33M | 230.54M | 22.09M | 14.73M |
| Net Income Ratio | -10.73% | 23.41% | 11.52% | 15.98% | 29.89% | 12.18% | 11.56% | 1.97% | 36.87% | 3.76% | 2.80% |
| EPS | -0.65 | 1.29 | 0.68 | 0.87 | 1.72 | 101.86M | 126.88M | -24.17M | 2.45 | 0.25 | 0.17 |
| EPS Diluted | -0.65 | 1.28 | 0.68 | 0.87 | 1.71 | 102.04M | 127.13M | -24.17M | 2.36 | 0.25 | 0.17 |
| Weighted Avg Shares Out | 112.18M | 112.07M | 111.96M | 111.79M | 111.20M | 0.69 | 0.56 | -0.47 | 93.91M | 88.36M | 85.17M |
| Weighted Avg Shares Out (Dil) | 112.18M | 112.62M | 112.42M | 112.08M | 111.62M | 0.69 | 0.56 | -0.47 | 97.67M | 88.26M | 85.22M |
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COPT Defense Exceeds Development Leasing Guidance and Vacancy Leasing Target in 2023
COLUMBIA, Md.--(BUSINESS WIRE)--COPT Defense Properties (NYSE: CDP) (“COPT Defense” or the “Company”) executed a long-term lease with a Fortune 100 company for a 225,000 square foot, build-to-suit development in Northern Virginia in the fourth quarter of 2023. The facility is...
COPT Defense Provides Conference Call Details to Discuss 4Q and YE 2023 Results and Management's 2024 Outlook
COLUMBIA, Md.--(BUSINESS WIRE)--COPT Defense Properties (NYSE: CDP) (“COPT Defense” or the “Company”) announces the release date and conference call details in which management will discuss fourth quarter and year end 2023 results and guidance for 2024. Details: Results and Guidance...
Robert Denton Elected as Chairman of the Board of Trustees
COLUMBIA, Md.--(BUSINESS WIRE)--COPT Defense Properties (NYSE: CDP) (“COPT Defense” or the “Company”) announced that its Board of Trustees elected Robert L. Denton, Sr. to serve as Chairman of the Board, effective January 1, 2024. Mr. Denton has served as an...
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COPT Defense Appoints Britt A. Snider as Chief Operating Officer
COLUMBIA, M.D.--(BUSINESS WIRE)--COPT Defense Properties (NYSE: CDP) (“COPT Defense” or the “Company”) announces the appointment of Britt A. Snider as Executive Vice President and Chief Operating Officer, effective December 1, 2023. Mr. Snider is an established commercial real estate executive...
COPT Defense Declares Fourth Quarter 2023 Common Dividend
COLUMBIA, Md.--(BUSINESS WIRE)--COPT Defense Properties (NYSE: CDP) (“COPT Defense” or the “Company”) announced today that its Board of Trustees declared a regular quarterly dividend of $0.285 per common share for the fourth quarter ending December 31, 2023. The fourth quarter...
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