CDP - NYSE
COPT Defense Properties
$31.31
-0.87%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.
At a Glance
Live SnapshotCOPT Defense Properties Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.
CapEx Intensity
Moderate capital requirements typical of many stable businesses. Healthy balance between reinvestment and cash generation.
FCF Growth Trend
Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.
Working Capital Impact
Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.
Cash Flow Quality Insight
Asset-light with strong cash conversion: Low capital requirements combined with efficient cash generation creates significant shareholder value through dividends, buybacks, or strategic investments.
COPT Defense Properties Cash Flow Statement
CDP • NYSE
| COPT Defense Properties Cash Flow Statement | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 | Dec 2015 | Dec 2014 | Dec 2013 | Dec 2012 | Dec 2011 | Dec 2010 | Dec 2009 | Dec 2008 | Dec 2007 | Dec 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||||||||||||||||
152.3M | 138.9M | -73.5M | 178.8M | 81.6M | 102.9M | 200M | 78.6M | 74.9M | 33.8M | 188.9M | 40.3M | 93.7M | 20.3M | -127.6M | 45.5M | 61.3M | 61.3M | 34.8M | 49.2M | |
161.9M | 156M | 151.4M | 143.6M | 150.6M | 140M | 138.9M | 137.1M | 134.2M | 132.7M | 140M | 125.6M | 115.3M | 124.4M | 136.6M | 125.8M | 111.8M | 105M | 105.6M | 80.1M | |
0.0 | 0.0 | -22.2M | -47.2M | 35M | 0.0 | -104.9M | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
0.0 | 10.4M | 8.5M | 8.8M | 8M | 6.5M | 6.7M | 6.4M | 5.6M | 6.8M | 6.6M | 6.2M | 6.5M | 10M | 11.9M | 11.8M | 10.6M | 9M | 6.6M | 0.0 | |
47.2M | 22.7M | 220M | -4.5M | -18.9M | -3.3M | -6.5M | -3.9M | 2.7M | 44.8M | -139.4M | 32.7M | -41.6M | 31.4M | 156.1M | -8.2M | 195K | -10.3M | -662K | -5.7M | |
-26.5M | 2.9M | -8M | -13.7M | -7.2M | -7.6M | -5.7M | -39.7M | 10.4M | -21.8M | 7M | -10.8M | -14.9M | 5.7M | -24.9M | -18.5M | 10.9M | 15.8M | -8.7M | -10.5M | |
334.9M | 331M | 276.3M | 265.8M | 249.1M | 238.4M | 228.6M | 180.5M | 230.1M | 232.9M | 204.1M | 193.9M | 159M | 191.8M | 152.1M | 156.4M | 194.8M | 180.9M | 137.7M | 113.2M | |
INVESTING ACTIVITIES | ||||||||||||||||||||
-99.7M | -31.3M | -20.5M | -36.4M | -30M | -32.8M | -24.7M | -70.2M | -70.9M | -70.9M | -66.3M | (0.0) | (0.0) | -20.1M | -319.6M | -496.4M | -262.6M | -291.9M | -366.3M | -290.2M | |
(0.0) | (0.0) | (0.0) | (21.8M) | (160.7M) | (59.8M) | (201.5M) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (5.5M) | (0.0) | (0.0) | -115K | -1.3M | (499K) | |
-218.6M | (0.0) | (0.0) | -302.9M | -273.8M | (0.0) | -405.6M | -160.1M | -200.5M | -161.6M | -437.2M | (0.0) | (0.0) | -250K | (0.0) | -6.6M | (0.0) | -25.3M | (0.0) | -454K | |
5M | 0.0 | 0.0 | 281.1M | 143.1M | 0.0 | 108.1M | 0.0 | 180.8M | 306.5M | 200.3M | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 91K | 2.5M | 0.0 | |
-1.5M | -259.7M | -149.1M | -47.1M | -203M | -352.9M | -17.4M | -4.5M | 1.2M | -2.6M | -4.3M | -209.7M | -119.8M | 34.1M | 53.7M | 23.9M | -86.4M | 26.3M | 37.3M | 36.3M | |
-314.7M | -291M | -169.6M | -83.5M | -203M | -325.8M | -138M | -232.9M | -89.4M | (71.4M) | -307.5M | -209.7M | -119.8M | (13.7M) | -260.4M | -479.2M | -349.1M | -290.8M | -327.7M | -253.8M | |
FINANCING ACTIVITIES | ||||||||||||||||||||
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 46.4M | 202.1M | 69.5M | 109.1M | 28.6M | 150.2M | 157.4M | 205.4M | 147.8M | 250.2M | -2M | -1.3M | -351K | 89.2M | |
361.2M | -30M | 181.4M | -49.8M | 82.8M | 245M | 3.2M | -19.2M | -78.1M | -117M | 259M | -9.3M | 64.9M | -395M | 111.4M | 200.7M | 268.7M | 194.9M | 295.9M | -89.4M | |
-136.6M | -131.8M | -127.2M | -123.6M | -123.5M | -123.4M | -122.7M | -114.3M | -118.5M | -118.3M | -117.8M | -113.1M | -114.8M | -108.2M | -130.7M | -109.9M | -109.7M | -83.8M | -85.5M | -62.8M | |
(0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | -2M | -2.5M | -2.5M | -1.6M | -2M | -55M | (0.0) | (0.0) | -2M | -1.3M | -351K | -64.4M | |
-8M | -7.8M | -8M | -9.7M | -10.2M | -21.6M | -11.3M | -19M | -10.5M | -26.3M | -9.5M | 91.4M | 56.5M | -13.4M | -24.7M | -25M | -1.3M | -5.8M | -3.3M | 193.8M | |
216.5M | -169.7M | 46.3M | -183.2M | -50.9M | 91.3M | -84.4M | 49.6M | -338.5M | -154.4M | 157.8M | -32.5M | 4.6M | -200.5M | 103.7M | 324.6M | 155.7M | 92.1M | 206.7M | 137.8M | |
CASH FLOW SUMMARY | ||||||||||||||||||||
236.7M | -129.7M | 152.9M | -807K | -4.7M | 3.9M | 6.2M | -4.2M | -197.6M | 149.6M | 54.2M | -48.3M | 43.8M | 5M | -4.5M | 1.8M | 1.5M | -17.9M | 16.7M | -2.9M | |
39.7M | 169.4M | 16.5M | 17.3M | 22M | 18.1M | 12M | 12.3M | 209.9M | 60.3M | 6.1M | 54.4M | 10.6M | 5.6M | 10.1M | 8.3M | 6.8M | 24.6M | 7.9M | 10.8M | |
276.4M | 39.7M | 169.4M | 16.5M | 17.3M | 22M | 18.1M | 8.1M | 12.3M | 209.9M | 60.3M | 6.1M | 54.4M | 10.6M | 5.6M | 10.1M | 8.3M | 6.8M | 24.6M | 7.9M | |
253.7M | 299.6M | 255.8M | 229.4M | 219.1M | 205.7M | 203.9M | 112.2M | 159.2M | 162M | 137.9M | 193.9M | 159M | 171.8M | 135.2M | 146M | -67.8M | -111M | -228.6M | -177.1M |
SEC Filings
CDP - Filing history and reports
| Filing Type | Filing Date | Period Ending | Fiscal Year | Actions |
|---|---|---|---|---|
8-K 8-K 2026 N/A | May 20, 2026 | May 14, 2026 | 2026 | |
10-Q 10-Q 2026 Q1 Q1 | May 06, 2026 | March 31, 2026 | 2026 | |
8-K 8-K 2026 N/A | April 27, 2026 | April 27, 2026 | 2026 | |
DEF 14A DEF 14A 2026 N/A | March 30, 2026 | May 14, 2026 | 2026 | |
10-K 10-K 2025 FY FY | February 20, 2026 | December 31, 2025 | 2025 | |
8-K 8-K 2026 N/A | February 05, 2026 | February 05, 2026 | 2026 | |
8-K 8-K 2026 N/A | February 04, 2026 | January 30, 2026 | 2026 | |
10-Q 10-Q 2025 Q3 Q3 | November 04, 2025 | September 30, 2025 | 2025 | |
8-K 8-K 2025 N/A | October 30, 2025 | October 30, 2025 | 2025 | |
8-K 8-K 2025 N/A | October 10, 2025 | October 06, 2025 | 2025 |
Related Guides
Continue your CDP research with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.