COPT Defense Properties Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	714.18	671.37	619.85	580.17	553.67
Other Revenue	52.55	82.3	64.87	160.6	111.87
Total Revenue	766.73	753.66	684.72	740.77	665.54
Revenue Growth (YoY	1.73%	10.07%	-7.57%	11.30%	13.93%
Property Expenses	323.89	339.27	304.8	377.39	317.43
Selling, General & Administrative	47.84	47.04	42.77	38.99	40.77
Depreciation & Amortization	161.83	153.64	148.95	141.23	137.54
Total Operating Expenses	533.56	539.94	496.52	557.61	495.75
Operating Income	233.17	213.72	188.2	183.16	169.79
Interest Expense	-86.66	-82.15	-71.14	-61.17	-65.4
Interest & Investment Income	9.95	12.28	13.2	9.34	7.88
Other Non-Operating Income	0.82	0.38	-0.53	-0.27	1.13
EBT Excluding Unusual Items	157.28	144.23	129.73	131.06	113.4
Gain (Loss) on Sale of Assets	3.35	-	49.39	19.25	65.59
Asset Writedown	-	-	-252.8	-	-
Other Unusual Items	-0.15	-	-0.08	-0.61	-100.63
Pretax Income	160.48	144.23	-73.76	149.7	78.37
Income Tax Expense	0.95	0.29	0.59	0.45	0.15
Earnings From Continuing Operations	159.53	143.94	-74.35	149.25	78.22
Earnings From Discontinued Operations	-	-	-	29.57	3.36
Net Income to Company	159.53	143.94	-74.35	178.82	81.58
Minority Interest in Earnings	-7.22	-5.01	0.88	-5.79	-5.04
Net Income	152.32	138.93	-73.47	173.03	76.54
Preferred Dividends & Other Adjustments	0.62	0.51	1.2	0.45	0.47
Net Income to Common	151.69	138.42	-74.67	172.58	76.07
Net Income Growth	9.63%	-	-	126.06%	-21.39%
Basic Shares Outstanding	113	112	112	112	112
Diluted Shares Outstanding	113	113	112	113	112
Shares Change (YoY)	0.36%	0.64%	-0.39%	0.18%	0.30%
EPS (Basic)	1.35	1.23	-0.67	1.54	0.68
EPS (Diluted)	1.34	1.23	-0.67	1.53	0.68
EPS Growth	9.26%	-	-	126.44%	-21.87%
Dividend Per Share	1.220	1.180	1.140	1.100	1.100
Dividend Growth	3.39%	3.51%	3.64%	-	-
Operating Margin	30.41%	28.36%	27.49%	24.73%	25.51%
Profit Margin	19.78%	18.37%	-10.90%	23.30%	11.43%
EBITDA	396.87	369.74	339.6	326.75	320.44
EBITDA Margin	51.76%	49.06%	49.60%	44.11%	48.15%
D&A For Ebitda	163.7	156.02	151.4	143.59	150.64
EBIT	233.17	213.72	188.2	183.16	169.79
EBIT Margin	30.41%	28.36%	27.49%	24.73%	25.51%
Funds From Operations (FFO)	313.22	294.37	-	-	-
FFO Per Share	2.72	2.57	-	-	-
Adjusted Funds From Operations (AFFO)	233.93	220.07	-	-	-
AFFO Per Share	2.03	1.93	-	-	-
FFO Payout Ratio	43.61%	44.79%	-	-	-
Effective Tax Rate	0.59%	0.20%	-	0.30%	0.18%
Revenue as Reported	763.92	753.27	684.98	739.03	664.45

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.