COPT Defense Properties (CDP)

COPT Defense Properties Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Rental Revenue	691.22	671.37	619.85	580.17	553.67	509.11
Other Revenue	60.24	82.3	64.87	160.6	111.87	75.07
Total Revenue	751.46	753.66	684.72	740.77	665.54	584.18
Revenue Growth (YoY	3.13%	10.07%	-7.57%	11.30%	13.93%	-4.77%
Property Expenses	324.02	339.27	304.8	377.39	317.43	258.41
Selling, General & Administrative	47.33	47.04	42.77	38.99	40.77	37.47
Depreciation & Amortization	156.06	153.64	148.95	141.23	137.54	126.5
Total Operating Expenses	527.41	539.94	496.52	557.61	495.75	420.73
Operating Income	224.05	213.72	188.2	183.16	169.79	163.45
Interest Expense	-82.21	-82.15	-71.14	-61.17	-65.4	-121.13
Interest & Investment Income	10.07	13.04	11.98	9.34	7.88	8.57
Other Non-Operating Income	-1.75	-0.38	0.61	-0.27	1.13	-
EBT Excluding Unusual Items	150.17	144.23	129.65	131.06	113.4	50.89
Gain (Loss) on Sale of Investments	-	-	-	-	-	29.42
Gain (Loss) on Sale of Assets	0.3	-	49.39	19.25	65.59	30.21
Asset Writedown	-	-	-252.8	-	-	-1.53
Other Unusual Items	0.12	-	-	-0.61	-100.63	-8.04
Pretax Income	150.58	144.23	-73.76	149.7	78.37	100.95
Income Tax Expense	0.33	0.29	0.59	0.45	0.15	0.35
Earnings From Continuing Operations	150.26	143.94	-74.35	149.25	78.22	100.6
Earnings From Discontinued Operations	-	-	-	29.57	3.36	2.28
Net Income to Company	150.26	143.94	-74.35	178.82	81.58	102.88
Minority Interest in Earnings	-5.97	-5.01	0.88	-5.79	-5.04	-5.5
Net Income	144.29	138.93	-73.47	173.03	76.54	97.37
Preferred Dividends & Other Adjustments	0.57	0.51	1.2	0.45	0.47	0.43
Net Income to Common	143.72	138.42	-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	112
Diluted Shares Outstanding	113	113	112	113	112	112
Shares Change (YoY)	0.78%	0.64%	-0.39%	0.18%	0.30%	0.41%
EPS (Basic)	1.28	1.23	-0.67	1.54	0.68	0.87
EPS (Diluted)	1.27	1.23	-0.67	1.53	0.68	0.87
EPS Growth	-	-	-	126.44%	-21.87%	-49.49%
Dividend Per Share	1.200	1.180	1.140	1.100	1.100	1.100
Dividend Growth	3.45%	3.51%	3.64%	-	-	-
Operating Margin	29.82%	28.36%	27.49%	24.73%	25.51%	27.98%
Profit Margin	19.13%	18.37%	-10.90%	23.30%	11.43%	16.59%
EBITDA	382.32	369.74	339.6	326.75	320.44	303.48
EBITDA Margin	50.88%	49.06%	49.60%	44.11%	48.15%	51.95%
D&A For Ebitda	158.27	156.02	151.4	143.59	150.64	140.03
EBIT	224.05	213.72	188.2	183.16	169.79	163.45
EBIT Margin	29.82%	28.36%	27.49%	24.73%	25.51%	27.98%
Funds From Operations (FFO)	302.11	294.37	275.31	-	-	-
FFO Per Share	2.63	2.57	2.41	-	-	-
Adjusted Funds From Operations (AFFO)	-	220.07	202.93	-	-	-
AFFO Per Share	1.87	1.93	1.78	-	-	-
FFO Payout Ratio	44.43%	44.79%	46.19%	-	-	-
Effective Tax Rate	0.22%	0.20%	-	0.30%	0.18%	0.35%
Revenue as Reported	750.43	753.27	684.98	739.03	664.45	582.35

Updated Jul 28, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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