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	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Rental Revenue	698.94	671.37	619.85	580.17	553.67	509.11
Other Revenue	53.81	82.3	64.87	160.6	111.87	75.07
Total Revenue	752.76	753.66	684.72	740.77	665.54	584.18
Revenue Growth (YoY	0.43%	10.07%	-7.57%	11.30%	13.93%	-4.77%
Property Expenses	317.32	339.27	304.8	377.39	317.43	258.41
Selling, General & Administrative	47.94	47.04	42.77	38.99	40.77	37.47
Depreciation & Amortization	158.38	153.64	148.95	141.23	137.54	126.5
Total Operating Expenses	523.65	539.94	496.52	557.61	495.75	420.73
Operating Income	229.11	213.72	188.2	183.16	169.79	163.45
Interest Expense	-82.73	-82.15	-71.14	-61.17	-65.4	-121.13
Interest & Investment Income	8.98	13.04	11.98	9.34	7.88	8.57
Other Non-Operating Income	-1.39	-0.38	0.61	-0.27	1.13	-
EBT Excluding Unusual Items	153.97	144.23	129.65	131.06	113.4	50.89
Gain (Loss) on Sale of Investments	-	-	-	-	-	29.42
Gain (Loss) on Sale of Assets	3.32	-	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	157.41	144.23	-73.76	149.7	78.37	100.95
Income Tax Expense	0.81	0.29	0.59	0.45	0.15	0.35
Earnings From Continuing Operations	156.61	143.94	-74.35	149.25	78.22	100.6
Earnings From Discontinued Operations	-	-	-	29.57	3.36	2.28
Net Income to Company	156.61	143.94	-74.35	178.82	81.58	102.88
Minority Interest in Earnings	-6.67	-5.01	0.88	-5.79	-5.04	-5.5
Net Income	149.94	138.93	-73.47	173.03	76.54	97.37
Preferred Dividends & Other Adjustments	0.61	0.51	1.2	0.45	0.47	0.43
Net Income to Common	149.33	138.42	-74.67	172.58	76.07	96.94
Net Income Growth	9.07%	-	-	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)	0.42%	0.64%	-0.39%	0.18%	0.30%	0.41%
EPS (Basic)	1.33	1.23	-0.67	1.54	0.68	0.87
EPS (Diluted)	1.32	1.23	-0.67	1.53	0.68	0.87
EPS Growth	9.45%	-	-	126.44%	-21.87%	-49.49%
Dividend Per Share	1.210	1.180	1.140	1.100	1.100	1.100
Dividend Growth	3.42%	3.51%	3.64%	-	-	-
Operating Margin	30.44%	28.36%	27.49%	24.73%	25.51%	27.98%
Profit Margin	19.84%	18.37%	-10.90%	23.30%	11.43%	16.59%
EBITDA	389.52	369.74	339.6	326.75	320.44	303.48
EBITDA Margin	51.75%	49.06%	49.60%	44.11%	48.15%	51.95%
D&A For Ebitda	160.41	156.02	151.4	143.59	150.64	140.03
EBIT	229.11	213.72	188.2	183.16	169.79	163.45
EBIT Margin	30.44%	28.36%	27.49%	24.73%	25.51%	27.98%
Funds From Operations (FFO)	307.29	294.37	275.31	-	-	-
FFO Per Share	2.67	2.57	2.41	-	-	-
Adjusted Funds From Operations (AFFO)	-	220.07	202.93	-	-	-
AFFO Per Share	1.95	1.93	1.78	-	-	-
FFO Payout Ratio	44.07%	44.79%	46.19%	-	-	-
Effective Tax Rate	0.51%	0.20%	-	0.30%	0.18%	0.35%
Revenue as Reported	750	753.27	684.98	739.03	664.45	582.35

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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