COPT Defense Properties (CDP)

COPT Defense Properties Income Statement

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

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Rental Revenue	671.37	619.85	580.17	553.67	509.11
Other Revenue	82.3	64.87	160.6	111.87	75.07
Total Revenue	753.66	684.72	740.77	665.54	584.18
Revenue Growth (YoY	10.07%	-7.57%	11.30%	13.93%	-4.77%
Property Expenses	348.5	304.8	377.39	317.43	258.41
Selling, General & Administrative	37.81	42.77	38.99	40.77	37.47
Depreciation & Amortization	153.64	148.95	141.23	137.54	126.5
Total Operating Expenses	539.94	496.52	557.61	495.75	420.73
Operating Income	213.72	188.2	183.16	169.79	163.45
Interest Expense	-82.15	-71.14	-61.17	-65.4	-121.13
Interest & Investment Income	12.66	11.98	9.34	7.88	8.57
Other Non-Operating Income	-	0.61	-0.27	1.13	-
EBT Excluding Unusual Items	144.23	129.65	131.06	113.4	50.89
Gain (Loss) on Sale of Investments	-	-	-	-	29.42
Gain (Loss) on Sale of Assets	-	49.39	19.25	65.59	30.21
Asset Writedown	-	-252.8	-	-	-1.53
Other Unusual Items	-	-	-0.61	-100.63	-8.04
Pretax Income	144.23	-73.76	149.7	78.37	100.95
Income Tax Expense	0.29	0.59	0.45	0.15	0.35
Earnings From Continuing Operations	143.94	-74.35	149.25	78.22	100.6
Earnings From Discontinued Operations	-	-	29.57	3.36	2.28
Net Income to Company	143.94	-74.35	178.82	81.58	102.88
Minority Interest in Earnings	-5.01	0.88	-5.79	-5.04	-5.5
Net Income	138.93	-73.47	173.03	76.54	97.37
Preferred Dividends & Other Adjustments	-	1.2	0.45	0.47	0.43
Net Income to Common	138.93	-74.67	172.58	76.07	96.94
Net Income Growth	-	-	126.06%	-21.39%	-49.20%
Basic Shares Outstanding	112	112	112	112	112
Diluted Shares Outstanding	113	112	113	112	112
Shares Change (YoY)	0.64%	-0.39%	0.18%	0.31%	0.41%
EPS (Basic)	1.24	-0.67	1.54	0.68	0.87
EPS (Diluted)	1.23	-0.67	1.53	0.68	0.87
EPS Growth	-	-	126.44%	-21.87%	-49.49%
Dividend Per Share	1.180	1.140	1.100	1.100	1.100
Dividend Growth	3.51%	3.64%	0%	0%	0%
Operating Margin	28.36%	27.49%	24.73%	25.51%	27.98%
Profit Margin	18.43%	-10.90%	23.30%	11.43%	16.59%
Free Cash Flow Margin	-	40.35%	35.88%	37.44%	40.81%
EBITDA	369.19	339.6	326.75	320.44	303.48
EBITDA Margin	48.99%	49.60%	44.11%	48.15%	51.95%
D&A For Ebitda	155.47	151.4	143.59	150.64	140.03
EBIT	213.72	188.2	183.16	169.79	163.45
EBIT Margin	28.36%	27.49%	24.73%	25.51%	27.98%
Funds From Operations (FFO)	294.37	275.31	268.11	-	-
FFO Per Share	2.57	2.41	2.35	-	-
Adjusted Funds From Operations (AFFO)	220.07	202.93	178.34	-	-
AFFO Per Share	1.93	1.78	1.56	-	-
FFO Payout Ratio	-	46.19%	46.12%	-	-
Effective Tax Rate	0.20%	-	0.30%	0.18%	0.35%
Revenue as Reported	753.27	684.98	739.03	664.45	582.35

Source: S&P Capital IQ. Real Estate template. Financial Sources.