COPT Defense Properties's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), COPT Defense Properties reported revenue of $763.9M (+1.4% year on year) and net income of $159.5M (+10.8% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Lease revenue | $714.2M | $671.4M | $619.8M | $580.2M |
| Other property revenue | $7.7M | $6.4M | $5.0M | $4.2M |
| Construction contract and other service revenues | $42.1M | $75.5M | $60.2M | $154.6M |
| Total revenues | $763.9M | $753.3M | $685.0M | $739.0M |
| Property operating expenses | $283.9M | $266.0M | $247.4M | $227.4M |
| Depreciation and amortization associated with real estate operations | $161.8M | $153.6M | $148.9M | $141.2M |
| Construction contract and other service expenses | $40.0M | $73.3M | $57.4M | $150.0M |
| General, administrative, leasing and other expenses | $47.8M | $47.0M | $42.8M | $35.8M |
| Impairment losses | $0 | $0 | $252.8M | $0 |
| Total operating expenses | $533.6M | $539.9M | $749.3M | $557.6M |
| Interest expense | ($86.7M) | ($82.2M) | ($71.1M) | ($61.2M) |
| Interest and other income, net | $10.7M | $12.7M | $12.6M | — |
| Gain on sales of real estate | $3.4M | $0 | $49.4M | $19.3M |
| Loss on early extinguishment of debt | ($66.0K) | $0 | $0 | ($609.0K) |
| Income (loss) before equity in income (loss) of unconsolidated entities and income taxes | $157.7M | $143.8M | ($73.5M) | $148.0M |
| Equity in income (loss) of unconsolidated entities | $2.8M | $397.0K | ($261.0K) | $1.7M |
| Income tax expense | ($947.0K) | ($288.0K) | ($588.0K) | ($447.0K) |
| Net income (loss) | $159.5M | $143.9M | ($74.3M) | $178.8M |
| Common units in CDPLP | ($3.2M) | ($2.7M) | $1.3M | ($2.6M) |
| Other consolidated entities | ($4.0M) | ($2.3M) | ($428.0K) | ($3.2M) |
| Net income (loss) attributable to common shareholders | $152.3M | $138.9M | — | — |
| Net income (loss) attributable to common shareholders - basic (in dollars per share) | $1.35 | $1.23 | -$0.67 | $1.54 |
| Net income (loss) attributable to common shareholders - diluted (in dollars per share) | $1.34 | $1.23 | -$0.67 | $1.53 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Lease revenue | $188.8M | $193.0M | $178.3M | $175.6M |
| Other property revenue | $1.8M | $1.6M | $2.0M | $1.9M |
| Construction contract and other service revenues | $6.8M | $6.0M | $8.5M | $12.5M |
| Total revenues | $197.4M | $200.6M | $188.8M | $189.9M |
| Property operating expenses | $72.6M | $81.4M | $70.4M | $66.9M |
| Depreciation and amortization associated with real estate operations | $42.3M | $42.7M | $40.6M | $39.6M |
| Construction contract and other service expenses | $6.0M | $5.6M | $8.0M | $11.9M |
| General, administrative, leasing, and other expenses | $13.3M | $12.6M | $12.0M | $11.9M |
| Total operating expenses | $134.2M | $142.3M | $131.0M | $130.3M |
| Interest expense | ($24.4M) | ($24.0M) | ($20.9M) | ($20.9M) |
| Interest and other income, net | $3.0M | $4.0M | $2.6M | $1.2M |
| Gain on sales of real estate | $6.4M | $582.0K | $3.0M | $0 |
| Income before equity in income of unconsolidated entities and income taxes | $48.2M | $38.9M | $42.5M | $39.9M |
| Equity in income of unconsolidated entities | $392.0K | $1.4M | $1.8M | $355.0K |
| Income tax expense | ($34.0K) | ($124.0K) | ($612.0K) | ($117.0K) |
| Net income | $48.6M | $40.1M | $43.7M | $40.2M |
| Common units in CDPLP | ($1.0M) | ($812.0K) | ($924.0K) | ($846.0K) |
| Other consolidated entities | ($1.1M) | ($771.0K) | ($1.1M) | ($973.0K) |
| Net income attributable to common shareholders | $46.4M | $38.6M | $41.7M | $38.3M |
| Net income attributable to common shareholders - basic (in dollars per share) | $0.41 | $0.34 | $0.37 | $0.34 |
| Net income attributable to common shareholders - diluted (in dollars per share) | $0.40 | $0.34 | $0.37 | $0.34 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Operating properties, net | $3.5B | $3.4B | $3.2B | $3.3B |
| Projects in development or held for future development | $283.4M | $277.0M | $256.9M | $297.5M |
| Total properties, net | $3.8B | $3.6B | $3.5B | $3.6B |
| Property - operating lease right-of-use assets | $50.4M | $55.8M | $41.3M | $37.0M |
| Cash and cash equivalents | $275.0M | $38.3M | $167.8M | $12.3M |
| Investment in unconsolidated real estate joint ventures | $36.4M | $39.4M | $41.1M | $21.5M |
| Accounts receivable, net | $58.2M | $42.2M | $48.9M | $43.3M |
| Deferred rent receivable | $177.9M | $161.4M | $149.2M | $125.1M |
| Lease incentives, net | $72.3M | $64.0M | $61.3M | $49.8M |
| Deferred leasing costs (net of accumulated amortization of $44,127 and $44,060, respectively) | $75.1M | $71.3M | $70.1M | $69.3M |
| Investing receivables (net of allowance for credit losses of $3,575 and $2,792, respectively) | $69.9M | $69.7M | $81.5M | $84.6M |
| Prepaid expenses and other assets, net | $103.2M | $81.6M | $82.0M | $86.6M |
| Total assets | $4.7B | $4.3B | $4.2B | $4.3B |
| Debt, net | $2.8B | $2.4B | $2.4B | $2.2B |
| Accounts payable and accrued expenses | $147.2M | $126.0M | $133.3M | $158.0M |
| Rents received in advance and security deposits | $37.9M | $38.6M | $35.4M | $30.0M |
| Dividends and distributions payable | $35.2M | $33.9M | $32.6M | $31.4M |
| Deferred revenue associated with operating leases | $47.7M | $39.8M | $29.0M | $11.0M |
| Property - operating lease liabilities | $45.0M | $49.2M | $33.9M | $28.8M |
| Other liabilities | $33.2M | $14.4M | $19.0M | $18.6M |
| Total liabilities | $3.1B | $2.7B | $2.7B | $2.5B |
| Redeemable noncontrolling interest | $25.5M | $24.0M | $23.6M | $26.3M |
| Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 113,210,642 at December 31, 2025 and 112,703,460 at December 31, 2024) | 1.1M | 1.1M | 1.1M | 1.1M |
| Additional paid-in capital | $2.5B | $2.5B | $2.5B | $2.5B |
| Cumulative distributions in excess of net income | ($989.0M) | ($1.0B) | ($1.0B) | ($807.5M) |
| Accumulated other comprehensive (loss) income | ($61.0K) | $988.0K | $2.1M | $2.1M |
| Total shareholders’ equity | $1.5B | $1.5B | $1.5B | $1.7B |
| Common units in COPT Defense Properties, L.P. (“CDPLP”) | $29.3M | $28.9M | $25.5M | $25.8M |
| Other consolidated entities | $18.1M | $14.6M | $14.3M | $13.8M |
| Noncontrolling interests in subsidiaries | $47.4M | $43.5M | $39.8M | $39.7M |
| Total equity | $1.6B | $1.5B | $1.5B | $1.7B |
| Total liabilities, redeemable noncontrolling interest and equity | $4.7B | $4.3B | $4.2B | $4.3B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Operating properties, net | $3.5B | $3.5B | $3.4B | $3.4B |
| Projects in development or held for future development | $292.1M | $308.4M | $353.2M | $322.9M |
| Total properties, net | $3.8B | $3.8B | $3.7B | $3.7B |
| Property - operating lease right-of-use assets | $47.4M | $48.9M | $51.8M | $53.3M |
| Assets held for sale | $11.2M | — | — | — |
| Cash and cash equivalents | $24.2M | $28.6M | $23.7M | $21.3M |
| Investments in unconsolidated real estate joint ventures | $35.5M | $35.8M | $36.3M | $38.6M |
| Accounts receivable, net | $53.6M | $51.9M | $38.9M | $43.9M |
| Deferred rent receivable | $183.5M | $182.6M | $173.8M | $171.3M |
| Lease incentives, net | $72.5M | $71.9M | $68.3M | $66.5M |
| Investments in sales-type leases, net | $48.3M | — | — | — |
| Deferred leasing costs (net of accumulated amortization of $45,102 and $44,127, respectively) | $76.1M | $76.4M | $72.3M | $73.3M |
| Investing receivables (net of allowance for credit losses of $2,238 and $3,575, respectively) | $72.6M | $69.9M | $79.8M | $79.3M |
| Prepaid expenses and other assets, net | $77.0M | $89.8M | $80.8M | $57.0M |
| Total assets | $4.5B | $4.5B | $4.4B | $4.3B |
| Debt, net | $2.6B | $2.5B | $2.4B | $2.4B |
| Accounts payable and accrued expenses | $115.7M | $117.0M | $135.3M | $106.7M |
| Rents received in advance and security deposits | $37.5M | $40.3M | $37.0M | $37.8M |
| Dividends and distributions payable | $37.1M | $37.1M | $35.2M | $35.2M |
| Deferred revenue associated with operating leases | $50.6M | $47.9M | $43.7M | $39.3M |
| Property - operating lease liabilities | $42.5M | $43.8M | $46.2M | $47.4M |
| Other liabilities | $33.6M | $34.2M | $31.2M | $12.9M |
| Total liabilities | $2.9B | $2.9B | $2.8B | $2.7B |
| Redeemable noncontrolling interest | $24.9M | $25.1M | $24.2M | $23.3M |
| Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 113,411,882 at June 30, 2026 and 113,210,642 at December 31, 2025) | 1.1M | 1.1M | 1.1M | 1.1M |
| Additional paid-in capital | $2.5B | $2.5B | $2.5B | $2.5B |
| Cumulative distributions in excess of net income | ($976.6M) | ($986.7M) | ($991.9M) | ($999.2M) |
| Accumulated other comprehensive income (loss) | $9.0K | $34.0K | $79.0K | $342.0K |
| Total shareholders’ equity | $1.5B | $1.5B | $1.5B | $1.5B |
| Common units in COPT Defense Properties, L.P. (“CDPLP”) | $34.3M | $33.7M | $33.0M | $33.2M |
| Other consolidated entities | $18.4M | $18.2M | $15.0M | $14.9M |
| Noncontrolling interests in subsidiaries | $52.7M | $51.8M | $48.0M | $48.1M |
| Total equity | $1.6B | $1.6B | $1.6B | $1.5B |
| Total liabilities, redeemable noncontrolling interest, and equity | $4.5B | $4.5B | $4.4B | $4.3B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenues from real estate operations received | $706.8M | $700.4M | $638.2M | $581.1M |
| Construction contract and other service revenues received | $46.4M | $73.0M | $66.0M | $155.1M |
| Property operating expenses paid | ($283.2M) | ($261.8M) | ($243.2M) | ($231.4M) |
| Construction contract and other service expenses paid | ($44.5M) | ($75.2M) | ($65.3M) | ($160.5M) |
| General, administrative, leasing and other expenses paid | ($35.3M) | ($34.7M) | ($33.3M) | — |
| Interest expense paid | ($75.4M) | ($75.5M) | ($59.8M) | ($56.1M) |
| Lease incentives paid | ($22.5M) | ($17.5M) | ($25.6M) | ($10.4M) |
| Sales-type lease costs paid | ($776.0K) | ($1.7M) | ($7.4M) | $0 |
| Interest and other income received | $16.8M | $22.6M | $5.5M | $19.3M |
| Income taxes paid | ($40.0K) | ($53.0K) | ($37.0K) | $0 |
| Other | $1.7M | $1.5M | $1.2M | $1.5M |
| Properties in development or held for future development | ($176.2M) | ($163.6M) | ($264.8M) | ($283.1M) |
| Acquisitions of operating properties and related intangible assets | ($32.9M) | ($32.2M) | — | — |
| Tenant improvements on operating properties | ($60.2M) | ($53.7M) | ($67.1M) | ($43.6M) |
| Other capital improvements on operating properties | ($21.1M) | ($31.3M) | ($20.5M) | ($36.4M) |
| Proceeds from sale of properties | $5.0M | $0 | $189.5M | $281.1M |
| Non-operating distributions from unconsolidated real estate joint venture | $21.8M | $1.2M | $1.1M | $26.6M |
| Investing receivables funded | ($9.5M) | ($2.1M) | ($1.1M) | ($19.7M) |
| Investing receivables payments received | $3.2M | $3.6M | $11.0M | $6.0M |
| Leasing costs paid | ($18.5M) | ($12.7M) | ($16.3M) | ($13.6M) |
| Other | ($1.5M) | ($105.0K) | ($1.4M) | ($97.0K) |
| Net cash used in investing activities | ($289.7M) | ($291.0M) | ($169.6M) | ($83.5M) |
| Revolving Credit Facility | $370.0M | $76.0M | $291.0M | $852.0M |
| Revolving Development Facility | $159.0M | — | — | — |
| Unsecured senior notes | $395.5M | $0 | $336.4M | $0 |
| Revolving Credit Facility | ($391.0M) | ($76.0M) | ($427.0M) | ($717.0M) |
| Term loan facility | ($75.0M) | $0 | $0 | ($300.0M) |
| Revolving Development Facility | ($63.0M) | — | — | — |
| Scheduled principal amortization | ($1.8M) | ($2.3M) | ($3.1M) | ($3.3M) |
| Other debt repayments | ($21.9M) | ($27.6M) | ($15.9M) | $0 |
| Deferred financing costs paid | ($10.6M) | $0 | ($1.0M) | ($6.5M) |
| Common share dividends paid | ($136.6M) | ($131.8M) | ($127.2M) | ($123.6M) |
| Distributions paid to redeemable noncontrolling interests | ($2.5M) | ($2.3M) | ($2.7M) | ($3.4M) |
| Other | ($5.5M) | ($5.6M) | ($4.3M) | ($6.3M) |
| Net cash provided by (used in) financing activities | $216.5M | ($169.7M) | $46.3M | ($183.2M) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | $236.7M | ($129.7M) | $152.9M | ($807.0K) |
| Net income (loss) | $159.5M | $143.9M | ($74.3M) | $178.8M |
| Depreciation and other amortization | $163.7M | $156.0M | $151.4M | $143.6M |
| Impairment losses | $0 | $0 | $252.8M | $0 |
| Amortization of deferred financing costs and net debt discounts | $7.3M | $6.8M | $5.6M | $4.7M |
| Change in net deferred rent receivable and liability | ($8.5M) | ($1.2M) | ($5.5M) | ($19.3M) |
| Gain on sales of real estate | ($3.4M) | $0 | ($49.4M) | ($47.8M) |
| Share-based compensation | $11.7M | $10.4M | $8.5M | $8.8M |
| Loss on early extinguishment of debt | $66.0K | — | $0 | $609.0K |
| Other | $6.0M | $12.1M | ($4.8M) | $10.1M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $88.7M | $40.1M | $120.1M | $76.4M |
| Depreciation and other amortization | $85.9M | $43.1M | $121.0M | $79.9M |
| Amortization of deferred financing costs and net debt discounts | $3.9M | $2.0M | $5.2M | $3.4M |
| Change in net deferred rent receivable and liability | ($2.6M) | ($4.5M) | ($8.1M) | ($10.1M) |
| Gain on sales of real estate | ($7.0M) | ($582.0K) | ($3.3M) | ($300.0K) |
| Share-based compensation | $6.6M | $3.2M | $8.7M | $5.8M |
| Other | ($2.7M) | $4.4M | $1.1M | $3.4M |
| Decrease (increase) in accounts receivable | $5.6M | $6.5M | $3.4M | ($1.6M) |
| Decrease in lease incentives, investments in sales-type leases, and prepaid expenses and other assets, net | $17.6M | — | — | — |
| Decrease in accounts payable, accrued expenses, and other liabilities | ($8.1M) | ($7.8M) | ($7.2M) | ($13.2M) |
| Decrease in rents received in advance and security deposits | ($373.0K) | $2.3M | ($1.6M) | ($761.0K) |
| Net cash provided by operating activities | $187.5M | $96.4M | $228.6M | $160.0M |
| Properties in development or held for future development | ($107.9M) | ($60.8M) | ($130.8M) | ($93.2M) |
| Tenant improvements on operating properties | ($29.5M) | ($12.7M) | ($41.8M) | ($26.6M) |
| Other capital improvements on operating properties | ($8.3M) | ($6.2M) | ($16.0M) | ($10.3M) |
| Proceeds from sales of properties | $8.6M | — | — | — |
| Investing receivables funded | $0 | $0 | ($9.5M) | ($9.5M) |
| Leasing costs paid | ($6.9M) | ($6.0M) | ($12.2M) | ($8.9M) |
| Acquisition of investment in sales-type lease | ($43.2M) | — | — | — |
| Other | $1.7M | $3.4M | $5.3M | ($25.0K) |
| Net cash used in investing activities | ($185.5M) | ($82.3M) | ($183.1M) | ($148.6M) |
| Revolving Credit Facility | $406.0M | $212.0M | $313.0M | $191.0M |
| Revolving Development Facility | $73.0M | $42.0M | — | — |
| Revolving Credit Facility | ($188.0M) | ($76.0M) | ($264.0M) | ($146.0M) |
| Revolving Development Facility | ($33.0M) | — | — | — |
| Unsecured senior notes | ($400.0M) | ($400.0M) | — | — |
| Scheduled principal amortization | ($657.0K) | ($397.0K) | ($1.4M) | ($918.0K) |
| Other debt repayments | ($35.6M) | — | $0 | $0 |
| Common share dividends paid | ($70.8M) | ($34.6M) | ($102.2M) | ($67.7M) |
| Other | ($5.2M) | ($3.2M) | ($5.9M) | ($4.1M) |
| Net cash used in financing activities | ($254.3M) | ($260.2M) | ($60.4M) | ($27.7M) |
| Net decrease in cash and cash equivalents and restricted cash | ($252.3M) | ($246.1M) | ($14.9M) | ($16.3M) |
| Cash and cash equivalents at beginning of period | $275.0M | $275.0M | $38.3M | $38.3M |
| Restricted cash at beginning of period | $1.4M | $1.4M | $1.4M | $1.4M |
| Cash and cash equivalents and restricted cash at beginning of period | $276.4M | $276.4M | $39.7M | $39.7M |
| Cash and cash equivalents at end of period | $24.2M | $28.6M | $23.7M | $21.3M |
| Restricted cash at end of period | $0 | $1.8M | $1.1M | $2.1M |
| Cash and cash equivalents and restricted cash at end of period | $24.2M | $30.4M | $24.8M | $23.4M |
| Cash paid for interest, net of amounts capitalized | ($47.9M) | ($19.0M) | ($58.9M) | ($38.0M) |
| Decrease in accrued capital improvements, leasing, and other investing activity costs | ($24.7M) | ($22.7M) | $14.2M | ($7.7M) |
| Recognition of operating lease right-of-use assets and related lease liabilities | $0 | — | $302.0K | $302.0K |
| Recognition of finance lease right-of-use assets and related lease liabilities | $724.0K | $398.0K | — | — |
| Decrease in fair value of derivatives applied to accumulated other comprehensive income/loss and noncontrolling interests | ($90.0K) | ($37.0K) | ($1.0M) | — |
| Dividends/distributions payable | $37.1M | $37.1M | $35.2M | $35.2M |
| Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares | 0 | 0 | 459.0K | 156.0K |
COPT Defense Properties score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.