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COPT Defense Properties

COPT Defense Properties

CDP
$37.59USD↓-0.24%-0.09 today

MARKET CAP

8.5B

P/E (TTM)

27.8x

FWD P/E

27.9x

DAY RANGE

$37 – $38

52W RANGE

$27
$38

AI Summary

Stalk
StalkMedium

CDP remains in a Stage 2 advancing uptrend with HH/HL structure riding a steep Parabola. Price is extended above rising EMAs in an Extreme OB context, so given the Stable strategy’s conservative approach, execution should be deferred: stalk for a pullback into the 9/21 EMA support zone and wait for clear acceptance before buying.

  • ↑FFO per share $0.69 (+6.2% YoY), beat Q1 guidance
  • ↑Tenant retention 91% and occupancy 94.4%, signaling strong demand
  • ↓28% revenue tied to government spending, exposing occupancy to budget shifts
Full analysis →

The case for & against

Bull & Bear analysis

Bullish

COPT Defense Properties (NYSE: CDP) is a specialized real estate investment trust (REIT) focusing on leasing and managing properties primarily associated with U.S. Government defense installations. The company has carved out a unique niche in the market, steadily aligning its portfolio with rising defense budgets and essential military needs. COPT is positioned to benefit from the ongoing expansion in defense spending, particularly in areas like cybersecurity and missile defense, emphasizing its importance within the military and intelligence sectors.

Bull says

  • ↑FFO per share $0.69 (+6.2% YoY), beat Q1 guidance
  • ↑Tenant retention 91% and occupancy 94.4%, signaling strong demand
  • ↑Committed $250M capex and targeting 400k sq ft of new leases in 2026
  • ↑Proposed FY2027 defense budget of $1.5 trillion to drive future leasing
  • ↑Dividend raised 4.9% to $0.06/share, supporting income-oriented investors
  • ↑Positive momentum trend and undervalued book-to-price ratio support upside

Bear says

  • ↓28% revenue tied to government spending, exposing occupancy to budget shifts
  • ↓Financing costs up $0.09 per share in 2026 on new debt issuance
  • ↓Occupancy at 94.4% nears saturation, limiting leasing growth
  • ↓Negative growth and weak profitability factors suggest constrained expansion
  • ↓Small market size and low institutional ownership may deter demand
  • ↓Potential delays in post-budget contract awards could hit leasing

Investment themes with CDP

Office REITs↑ +0.69%

VNO · BXP · CUZ

Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 04-28-2026bullish

Transcript signals

Bull points

  • We reported first quarter FFO per share of 69 cents, which was one cent above the midpoint of guidance and represents a 6.2% increase year over year.
  • The quarter benefited from the earlier than budgeted commencement of several leases, strong renewal leasing, the timing of certain R&M projects, and unbudgeted real estate tax refunds from continued successful assessment appeals.
  • Same property cash NOI increased 5.4% year-over-year, driven by the burn-off of free rent on development and acquisition leases, which commenced in prior years, and a 70 basis point increase in same property average occupancy.

Bear points

  • We received $2 million less of non-recurring real estate tax refunds in 2026, which muted this quarter's strong growth, by approximately 200 basis points.
  • The increased interest on this $400 million of debt results in 9 cents of higher financing costs in 2026.
Read full transcript analysis ›