The company maintains a disciplined capital structure with a debt-to-equity ratio consistently ranging between 1.56 and 1.77 over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 4.46B | 4.7B | 4.25B | 4.25B | 4.26B | 4.26B | 4.08B | 3.85B | 3.66B | 3.6B | 3.78B | 3.91B | 3.66B | 3.63B | 3.65B | 3.86B | 3.84B | 3.38B | 3.11B | 2.93B | 2.42B | 2.13B | 1.73B | 1.33B | 1.14B | 994.9M | 794.84M | 721.03M | 563.68M | 193.5M | 24.2M |
| Asset Growth % | 19.8% | 10.52% | 0.17% | -0.24% | -0.12% | 4.55% | 5.77% | 5.43% | 1.69% | -4.91% | -3.29% | 6.69% | 0.94% | -0.65% | -5.43% | 0.5% | 13.74% | 8.53% | 6.22% | 21.17% | 13.61% | 22.96% | 30.02% | 16.98% | 14.46% | 25.17% | 10.24% | 27.92% | 191.31% | 699.59% | -2.42% |
| Real Estate & Other Assets | 0 | 3.93B | 3.76B | 3.64B | 3.66B | 3.68B | 70.88M | 72.03M | -296.78M | -338.69M | -579M | 3.4B | 280.36M | 318.82M | 3.23B | 3.47B | 154.54M | 135.38M | 51.8M | 49.05M | -2.2B | -1.98B | -1.61B | -1.25B | -1.07B | -925.81M | -757.86M | -700.16M | -549.24M | -188.6M | -23.1M |
| PP&E (Net) | 0 | 50.38M | 55.76M | 41.3M | 37.02M | 50.2M | 3.45B | 3.42B | 8.63M | 5.26M | 5.2M | 6M | 3.09B | 2.98B | 7.99M | 10.18M | 3.45B | 3.03B | 2.78B | 2.6B | 2.11B | 1.89B | 1.54B | 1.19B | 1.04B | 923.7M | 751.73M | 696.5M | 546.89M | 188.6M | 23.1M |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Total Current Assets | 0 | 684.16M | 393.26M | 529.55M | 523.3M | 465.89M | 498.34M | 279.35M | 240.28M | 284.7M | 542.86M | 384.79M | 249.08M | 274.13M | 330.1M | 291.33M | 130.78M | 114.08M | 192.12M | 170.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash & Equivalents | 0 | 274.99M | 38.28M | 167.82M | 12.34M | 13.26M | 18.37M | 14.73M | 8.07M | 12.26M | 209.86M | 60.31M | 6.08M | 54.37M | 10.59M | 5.56M | 10.1M | 8.26M | 6.78M | 24.64M | 7.92M | 10.78M | 13.82M | 9.48M | 5.99M | 6.64M | 4.98M | 2.38M | 2.35M | 3.4M | 0 |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 557K | 0 |
| Other Current Assets | 0 | 103.22M | 81.63M | 84.59M | 232.19M | 196.75M | 293.93M | 95.75M | 3.88M | 44.8M | 102.85M | 175.44M | 96.13M | 11.45M | 161.79M | 152.85M | 22.58M | 6.4M | 13.74M | 68.75M | -124.4M | -78.54M | -58.75M | -54.74M | -34.46M | -31.44M | -16.87M | -8.94M | -7.6M | -3.95M | -500K |
| Intangible Assets | 0 | 0 | 10.7M | 6.85M | 9.96M | 14.57M | 19.25M | 27.39M | 43.47M | 59.09M | 78.35M | 98.34M | 43.85M | 59.26M | 75.88M | 89.12M | 113.73M | 100.67M | 91.85M | 108.66M | 87.33M | 90.98M | 67.56M | 55.69M | 28.42M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 2.87B | 3.11B | 2.69B | 2.7B | 2.51B | 2.58B | 2.36B | 2.11B | 2B | 2.1B | 2.16B | 2.27B | 2.12B | 2.11B | 2.21B | 2.65B | 2.52B | 2.26B | 2.03B | 1.98B | 1.63B | 1.44B | 1.11B | 801.9M | 749.34M | 615.51M | 495.55M | 416.3M | 317.7M | 116.9M | 15M |
| Total Debt | 0 | 2.81B | 2.44B | 2.45B | 2.26B | 2.3B | 2.13B | 1.87B | 1.82B | 1.84B | 1.9B | 2.08B | 1.92B | 1.93B | 2.02B | 2.43B | 2.32B | 4.11B | 3.72B | 1.83B | 1.5B | 1.35B | 1.02B | 738.7M | 809.77M | 573.33M | 474.35M | 399.6M | 306.8M | 114.4M | 14.9M |
| Net Debt | 0 | 2.54B | 2.4B | 2.28B | 2.25B | 2.29B | 2.11B | 1.86B | 22.72M | 56.04M | -88.95M | 2.02B | 1.91B | 1.88B | 2.01B | 2.42B | 2.31B | 4.1B | 3.72B | 1.8B | 1.49B | 1.34B | 1.01B | 729.22M | 803.78M | 566.69M | 469.37M | 397.22M | 304.45M | 111M | 14.9M |
| Long-Term Debt | 0 | 2.62B | 2.32B | 2.34B | 2.02B | 2.2B | 1.94B | 1.65B | 1.61B | 1.7B | 1.9B | 2.03B | 1.83B | 1.93B | 2.02B | 1.76B | 2.32B | 2.05B | 1.87B | 1.83B | 1.5B | 1.35B | 1.02B | 738.7M | 705.06M | 573.33M | 474.35M | 399.6M | 306.8M | 114.4M | 14.9M |
| Short-Term Borrowings | 0 | 150M | 75M | 75M | 211M | 76M | 143M | 177M | 213M | 126M | 0 | 43.5M | 83M | 0 | 0 | 662M | 0 | 2.05B | 1.86B | 0 | 0 | 0 | 0 | 0 | 104.72M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 139.3M | 45.01M | 49.24M | 33.93M | 28.76M | 29.34M | 30.75M | 17.32M | 0 | 15.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 418.03M | 313.25M | 305.42M | 441.42M | 335.1M | 361.2M | 397.99M | 375.92M | 300.39M | 182.48M | 222.34M | 279.94M | 169.73M | 166.25M | 837.85M | 179.09M | 205.55M | 2.01B | 133.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 147.2M | 126.03M | 133.31M | 158M | 186.2M | 142.72M | 148.75M | 92.86M | 108.14M | 108.68M | 91.75M | 123.03M | 98.78M | 97.92M | 95.71M | 99.7M | 116.45M | 93.63M | 75.53M | 1.37B | 1.37B | 1.05B | 761.82M | 716.73M | 584M | 484.58M | 406.22M | 310.22M | 115.31M | 0 |
| Deferred Revenue | 0 | 85.63M | 78.31M | 64.46M | 41.02M | 41.6M | 44.26M | 40.98M | 39.2M | 37.33M | 42.46M | 56.91M | 44.04M | 41.86M | 39.63M | 45.1M | 14.8M | 14.94M | 30.46M | 11.53M | 11.12M | 12.71M | 7.25M | 9.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 33.24M | 14.38M | 19M | 18.56M | 17.73M | -11.41M | 2.71M | -14.21M | 59.55M | 46.96M | -20.21M | -17.05M | -13.98M | -6.08M | 17.04M | 18.61M | -14.94M | -1.85B | 8.29M | -1.51B | -1.36B | -1.03B | -748.33M | -705.06M | -573.33M | -474.35M | -399.6M | -306.8M | -114.4M | -14.9M |
| Total Equity | 1.59B | 1.59B | 1.56B | 1.55B | 1.75B | 1.68B | 1.72B | 1.75B | 1.65B | 1.49B | 1.62B | 1.64B | 1.54B | 1.52B | 1.45B | 1.21B | 1.32B | 1.12B | 1.08B | 952.74M | 790.49M | 687.72M | 620.8M | 530.18M | 389.38M | 263.92M | 299.29M | 304.74M | 245.98M | 76.6M | 9.2M |
| Equity Growth % | 6.22% | 1.74% | 0.86% | -11.47% | 3.79% | -2.05% | -1.69% | 5.77% | 10.85% | -7.8% | -1.11% | 6.27% | 1.6% | 4.71% | 19.1% | -8.19% | 18.07% | 3.53% | 13.61% | 20.52% | 14.94% | 10.78% | 17.09% | 36.16% | 47.54% | -11.82% | -1.79% | 23.89% | 221.12% | 732.61% | -4.17% |
| Shareholders Equity | 1.57B | 1.51B | 1.49B | 1.48B | 1.68B | 1.62B | 1.66B | 1.68B | 1.59B | 1.4B | 1.52B | 1.54B | 1.45B | 1.43B | 1.37B | 1.13B | 1.23B | 1.03B | 946.01M | 822.64M | 674.3M | 582.51M | 521.92M | 450.38M | 288.5M | 263.92M | 193.73M | 192.1M | 168.78M | 11.7M | 9.2M |
| Minority Interest | 25.13M | 72.9M | 67.48M | 63.42M | 65.94M | 61.23M | 58.11M | 69.72M | 1.82B | 1.83B | 1.69B | 91.26M | 87.88M | 89.42M | 81.37M | 82.45M | 96.5M | 93.11M | 136.41M | 130.09M | 116.19M | 105.21M | 98.88M | 79.8M | 100.89M | 104.78M | 105.56M | 112.64M | 77.2M | 64.9M | 0 |
| Common Stock | 0 | 1.13M | 1.13M | 1.13M | 1.12M | 1.12M | 1.12M | 1.12M | 1.1M | 1.01M | 985K | 945K | 933K | 874K | 809K | 720K | 669K | 583K | 518K | 474K | 429K | 399K | 368K | 296K | 238K | 208K | 206K | 200K | 168K | 23K | 0 |
| Additional Paid-in Capital | 0 | 2.5B | 2.49B | 2.49B | 2.49B | 2.48B | 2.48B | 2.48B | 2.43B | 2.2B | 2.12B | 2B | 1.97B | 1.81B | 1.65B | 1.45B | 1.51B | 1.24B | 1.11B | 950.62M | 758.03M | 657.34M | 578.23M | 494.3M | 313.79M | 285.36M | 209.39M | 202.9M | 175.8M | 16.62M | 0 |
| Retained Earnings | 0 | -988.96M | -1B | -1.01B | -807.51M | -856.86M | 0 | 0 | -846.81M | -802.09M | -765.28M | -657.17M | 0 | 0 | -617.46M | -534.04M | -281.79M | -209.94M | -162.57M | -126.16M | -83.54M | -67.7M | -51.36M | -38.48M | -21.07M | -14.5M | -11.06M | -7.5M | -7.2M | -5M | -3.2M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 172.5M | 199.08M | 199.08M | 249.08M | 333.83M | 216.33M | 81K | 81K | 81K | 81K | 76K | 67K | 67K | 85K | 43K | 43K | 12K | 22K | 10K | 0 | 0 |
| Return on Assets (ROA) | 3.51% | 3.4% | 3.27% | -1.73% | 4.06% | 1.84% | 2.46% | 5.1% | 1.99% | 1.86% | 0.78% | 4.71% | 1.1% | 2.57% | 0.56% | -3.1% | 1.18% | 1.73% | 1.79% | 1.3% | 2.16% | 2.02% | 2.42% | 2.5% | 2.18% | 2.23% | 2% | 2.35% | 1.24% | -0.92% | 1.22% |
| Return on Equity (ROE) | 9.87% | 9.68% | 8.94% | -4.46% | 10.08% | 4.5% | 5.62% | 11.27% | 4.6% | 4.42% | 1.85% | 11.23% | 2.64% | 6.33% | 1.58% | -9.41% | 3.5% | 5.11% | 5.3% | 3.99% | 6.66% | 5.97% | 6.43% | 6.72% | 7.13% | 7.07% | 5.01% | 5.48% | 2.91% | -2.33% | 3.19% |
| Debt / Assets | 0% | 59.82% | 57.38% | 57.69% | 53.1% | 54% | 52.18% | 48.64% | 49.89% | 51.3% | 50.36% | 53.15% | 52.29% | 53.2% | 55.26% | 62.8% | 60.44% | 121.53% | 119.56% | 62.28% | 61.93% | 63.31% | 59.05% | 55.45% | 71.11% | 57.63% | 59.68% | 55.42% | 54.43% | 59.12% | 61.57% |
| Debt / Equity | 0.00x | 1.77x | 1.56x | 1.58x | 1.29x | 1.37x | 1.24x | 1.07x | 1.10x | 1.24x | 1.18x | 1.27x | 1.24x | 1.27x | 1.40x | 2.00x | 1.76x | 3.67x | 3.44x | 1.92x | 1.90x | 1.96x | 1.65x | 1.39x | 2.08x | 2.17x | 1.58x | 1.31x | 1.25x | 1.49x | 1.62x |
| Net Debt / EBITDA | 0.00x | 6.47x | 6.51x | 6.76x | 6.92x | 7.17x | 4.90x | 6.41x | 0.08x | 0.21x | -0.47x | 7.76x | 7.43x | 7.30x | 9.41x | 14.50x | 9.79x | 16.41x | 15.61x | 8.07x | 7.91x | 8.32x | 7.28x | 6.46x | 8.46x | 6.98x | 6.61x | 7.33x | 11.02x | 27.94x | 4.03x |
| Book Value per Share | 14.01 | 14.01 | 13.82 | 13.79 | 15.52 | 14.98 | 15.34 | 15.67 | 15.88 | 15.00 | 17.12 | 16.75 | 17.44 | 17.78 | 19.70 | 17.51 | 22.07 | 19.87 | 22.15 | 20.00 | 18.23 | 17.74 | 17.75 | 18.71 | 16.56 | 12.73 | 15.58 | 16.45 | 108.23 | 45.96 | 6.44 |
Geopolitical and Budgetary Concentration
As reported in recent financial filings, COPT Defense Properties has maintained a stable equity base of approximately $1.5 billion to $1.6 billion, suggesting that the firm is successfully funding its specialized development pipeline while avoiding excessive dilution of shareholder value during its strategic transition toward defense-centric assets.
The company's ability to maintain a consistent equity position while expanding its asset base to $4.5 billion indicates a disciplined approach to capital allocation. Investors should monitor whether this trajectory remains sustainable as the firm continues to divest legacy regional office assets to fund higher-yielding SCIF-compliant developments.
Based on the company's reported figures, the debt-to-equity ratio has remained relatively contained, fluctuating between 1.56 and 1.77 over the last ten quarters, which appears to provide a buffer against the interest rate volatility currently impacting the broader commercial real estate sector.
While the reported leverage metrics appear manageable, the reliance on debt to finance specialized infrastructure warrants further investigation into the maturity ladder. The firm's ability to maintain these ratios suggests that its defense-contractor tenant base provides a level of credit stability that traditional office landlords currently lack.
According to financial statements, the company's cash position has shown significant variability, peaking at $275 million in 2025Q4 before normalizing, which indicates that management is actively managing liquidity to meet the capital-intensive requirements of its ongoing SCIF-compliant development projects and joint venture commitments.
The fluctuation in cash balances suggests a proactive approach to funding development cycles rather than maintaining idle capital. This liquidity management appears essential for navigating the high-cost environment associated with specialized security infrastructure, though investors should monitor the impact of these cash swings on short-term interest coverage.
As indicated by the divergence between consolidated assets and the company's reported debt levels, the use of unconsolidated joint ventures for data center shells may be obscuring the true extent of the firm's leverage and potential off-balance-sheet financing obligations, according to recent quarterly data.
The reliance on joint ventures for growth is a double-edged sword that provides capital efficiency but complicates the assessment of total enterprise risk. Analysts should remain cautious, as these structures may hide liabilities that could become material if the underlying data center market experiences a cyclical downturn.
Quick answers to the most common questions about buying CDP stock.
As of 2025, COPT Defense Properties (CDP) had total assets of $4.70B including $684.2M in current assets.
COPT Defense Properties (CDP) carries total debt of $2.81B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
COPT Defense Properties (CDP) has total shareholders' equity (book value) of $1.51B ($14.01 book value per share). Book value represents the net worth of the company belonging to common stock holders.
COPT Defense Properties (CDP) reported a current ratio of 1.64x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.