COPT DEFENSE PROPERTIES

Overview

COPT Defense Properties is a self-managed, fully integrated real estate investment trust (REIT) focused on owning, operating, and developing properties serving U.S. government defense and information-technology missions. Its portfolio is primarily office properties and single-tenant data-center shells, often located near or on defense installations; tenants include government agencies and defense contractors.[1]

The company’s properties are concentrated in U.S. defense and technology markets, including the Fort Meade/Baltimore–Washington area, Northern Virginia, Huntsville, San Antonio, and other locations supporting U.S. military and government missions. As of June 30, 2026, its Defense/IT portfolio included 202 operating properties totaling 23.3 million square feet.[2][3]

COPT states that its purpose is to create shareholder value by focusing investment on high-tech Defense/IT and selected durable-demand locations, with growth through property income and development.[4] Total revenue for fiscal 2025 was approximately $721.8 million.[5] [1]+5

Products & services

COPT Defense Properties’ principal products are leased office properties and single-tenant data-center shells serving defense, intelligence, and information-technology missions. Its Defense/IT portfolio includes properties in the Fort Meade/BW Corridor, Redstone Arsenal, Northern Virginia, Lackland Air Force Base, and locations supporting the U.S. Navy. The company reports that Defense/IT properties represented 90.3% of annualized rental revenue at year-end 2025.[6][7]

For data-center shells, COPT provides the land, core building, and basic power, while tenants fund critical power systems, fiber connectivity, and data-center infrastructure. These developments are typically pre-leased under long-term triple-net leases with rent escalators and extension options. COPT reported developing 33 shells in Northern Virginia totaling 6.3 million square feet for a Fortune 100 cloud-computing customer.[8][9] Its services include developing, operating, and leasing properties; its capabilities materials also describe designing and constructing mission-critical facilities and tenant improvements.[10][4]

For the six months ended June 30, 2026, Defense/IT produced approximately 90.1% of segment real-estate revenue and 92.8% of NOI; data-center shells contributed approximately 8.0% of revenue and 12.0% of NOI. These shares are calculated from reported segment figures.[11] [6]+7

Geographic presence

COPT Defense Properties’ operating footprint is concentrated in the Mid-Atlantic, particularly the Greater Washington, DC–Baltimore area, with additional properties around Redstone Arsenal in Huntsville, Alabama; Lackland Air Force Base in San Antonio, Texas; and Navy-support locations near Washington, DC, Patuxent River, Maryland, and Dahlgren, Virginia. Its reported submarkets also include Northern Virginia and data-center shells.[6]+5

For the six months ended June 30, 2026, real-estate operating revenue by reported market was $169.5 million in Fort Meade/Baltimore–Washington, $40.8 million in Redstone, $49.6 million in Northern Virginia, $37.9 million in Lackland, $18.5 million in Navy Support, $30.6 million in data-center shells, and $38.3 million in Other, out of $385.2 million total.[11] The company’s principal executive office is in Columbia, Maryland.[17] [6]+18

Business segments

COPT Defense Properties reports two operating segments: **Defense/IT** and **Other**. Defense/IT encompasses properties serving U.S. Government defense missions and defense contractors, generally near or containing key defense installations; the portfolio is primarily offices and single-tenant data-center shells. The company further describes six Defense/IT portfolio categories: Fort Meade/Baltimore-Washington Corridor, Redstone Arsenal, Northern Virginia Defense/IT, Lackland Air Force Base, Navy Support, and Data Center Shells.[1][2]

In the six months ended June 30, 2026, Defense/IT generated approximately **90.1% of segment revenue** ($346.930 million of $385.222 million) and **92.8% of segment NOI** ($218.464 million of $235.307 million); Other accounted for the balance. These percentages are calculated from the company’s reported segment totals.[11] The Other segment is separately reported, but the cited segment disclosures do not provide a comparable detailed business or tenant-focus description.[2] [1]+5

Company history

COPT Defense Properties traces its corporate lineage to Royale Investments and Corporate Office Properties Trust, which Shidler Group says was formed through a contribution of operations and a merger with Royale Investments. In 1998, the company completed transactions with affiliates of Constellation Real Estate Group, including properties associated with Baltimore Gas & Electric; it later marked 1998 as the start of its publicly listed history.[18]+2

By 2015, the company was concentrating its portfolio on locations serving national-defense and information-technology missions, and described plans to redirect capital from suburban properties toward those markets. In 2016, Stephen E. Budorick succeeded Roger Waesche as president and chief executive officer.[21][22]

In September 2023, Corporate Office Properties Trust adopted the name COPT Defense Properties and changed its NYSE ticker from OFC to CDP, reflecting its focus on defense-related and mission-critical locations. In 2024, it resumed acquisitions after a period without purchases since 2015, including a building in Columbia Gateway and investments in Iowa and Texas.[23][24] [18]+13

Sources

• COPT DEFENSE PROPERTIES — Full financial report (2026 Q 2)
  4 citations

  [1][2][3][11]
• www.copt.com[4]
• COPT DEFENSE PROPERTIES — Full financial report (2025 Y)
  8 citations

  [5][6][7][8][9][10][12][17]
• www.copt.com[13]
• www.copt.com[14]
• www.copt.com[15]
• www.copt.com[16]
• www.shidler.com[18]
• www.sec.gov[19]
• www.sec.gov[20]
• investors.copt.com[21]
• investors.copt.com[22]
• investors.copt.com[23]
• investors.copt.com[24]