{ "schemaVersion": 1, "organisationId": "O-26a9f3c7c6224615a660839544ed4d67", "slug": "copt-defense-properties", "name": "COPT DEFENSE PROPERTIES", "updatedAt": "2026-10-02T13:41:22.785455Z", "sections": [ { "type": "OVERVIEW", "text": "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. [P145676247]\n\nThe 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. [P145676365][P145676248]\n\nCOPT 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. [https://www.copt.com/capabilities/] Total revenue for fiscal 2025 was approximately $721.8 million. [T8117165]\n[P145676247][P145676365][P145676248][https://www.copt.com/capabilities/][T8117165][https://www.copt.com/capabilities/]", "updatedAt": "2026-10-02T13:41:22.785455Z" }, { "type": "PRODUCTS", "text": "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. [P69842280][P105596174]\n\nFor 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. [P28339522][P99095554] Its services include developing, operating, and leasing properties; its capabilities materials also describe designing and constructing mission-critical facilities and tenant improvements. [P33128232][https://www.copt.com/capabilities/]\n\nFor 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. [T16671044]\n[P69842280][P105596174][P28339522][P99095554][P33128232][https://www.copt.com/capabilities/][T16671044][https://www.copt.com/capabilities/]", "updatedAt": "2026-10-02T13:41:22.785455Z" }, { "type": "GEOGRAPHY", "text": "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. [P69842280][P63955261][https://www.copt.com/locations/maryland/][https://www.copt.com/locations/virginia/][https://www.copt.com/locations/alabama/][https://www.copt.com/locations/texas/]\n\nFor 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. [T16671044] The company’s principal executive office is in Columbia, Maryland. [T10724172]\n[P69842280][P63955261][https://www.copt.com/locations/maryland/][https://www.copt.com/locations/virginia/][https://www.copt.com/locations/alabama/][https://www.copt.com/locations/texas/][T16671044][T16671044][T16671044][T16671044][T16671044][T16671044][T16671044][T16671044][T10724172][https://www.copt.com/locations/maryland/][https://www.copt.com/locations/virginia/][https://www.copt.com/locations/alabama/][https://www.copt.com/locations/texas/]", "updatedAt": "2026-10-02T13:41:22.785455Z" }, { "type": "SEGMENTS", "text": "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. [P145676247][P145676365]\n\nIn 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. [T16671044] The Other segment is separately reported, but the cited segment disclosures do not provide a comparable detailed business or tenant-focus description. [P145676365]\n[P145676247][P145676365][T16671044][T16671044][T16671044][T16671044]", "updatedAt": "2026-10-02T13:41:22.785455Z" }, { "type": "HISTORY", "text": "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. [https://www.shidler.com/companies] [https://www.sec.gov/Archives/edgar/data/860546/0001047469-98-043768.txt] [https://www.sec.gov/Archives/edgar/data/860546/000086054624000023/coptdefensepropertiesannua.pdf]\n\nBy 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. [https://investors.copt.com/news-events/press-releases/detail/184/correcting-and-replacing-copt-reports-2015-results] [https://investors.copt.com/news-events/press-releases/detail/185/copt-announces-steve-budorick-to-succeed-roger-waesche-as]\n\nIn 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. [https://investors.copt.com/news-events/press-releases/detail/490/corporate-office-properties-trust-rebrands-to-copt-defense] [https://investors.copt.com/news-events/press-releases/detail/521/copt-defense-reports-strong-full-year-2024-results]\n[https://www.shidler.com/companies][https://www.sec.gov/Archives/edgar/data/860546/0001047469-98-043768.txt][https://www.sec.gov/Archives/edgar/data/860546/000086054624000023/coptdefensepropertiesannua.pdf][https://investors.copt.com/news-events/press-releases/detail/184/correcting-and-replacing-copt-reports-2015-results][https://investors.copt.com/news-events/press-releases/detail/185/copt-announces-steve-budorick-to-succeed-roger-waesche-as][https://investors.copt.com/news-events/press-releases/detail/490/corporate-office-properties-trust-rebrands-to-copt-defense][https://investors.copt.com/news-events/press-releases/detail/521/copt-defense-reports-strong-full-year-2024-results][https://www.shidler.com/companies][https://www.sec.gov/Archives/edgar/data/860546/0001047469-98-043768.txt][https://www.sec.gov/Archives/edgar/data/860546/000086054624000023/coptdefensepropertiesannua.pdf][https://investors.copt.com/news-events/press-releases/detail/184/correcting-and-replacing-copt-reports-2015-results][https://investors.copt.com/news-events/press-releases/detail/185/copt-announces-steve-budorick-to-succeed-roger-waesche-as][https://investors.copt.com/news-events/press-releases/detail/490/corporate-office-properties-trust-rebrands-to-copt-defense][https://investors.copt.com/news-events/press-releases/detail/521/copt-defense-reports-strong-full-year-2024-results]", 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report (2025 Y)", "documentId": "D-e9a3c39b1e654aa5b0cd733cbc6deace" }, { "id": "https://www.shidler.com/companies", "href": "https://www.shidler.com/companies", "label": "www.shidler.com" }, { "id": "https://www.sec.gov/Archives/edgar/data/860546/0001047469-98-043768.txt", "href": "https://www.sec.gov/Archives/edgar/data/860546/0001047469-98-043768.txt", "label": "www.sec.gov" }, { "id": "https://www.sec.gov/Archives/edgar/data/860546/000086054624000023/coptdefensepropertiesannua.pdf", "href": "https://www.sec.gov/Archives/edgar/data/860546/000086054624000023/coptdefensepropertiesannua.pdf", "label": "www.sec.gov" }, { "id": "https://investors.copt.com/news-events/press-releases/detail/184/correcting-and-replacing-copt-reports-2015-results", "href": "https://investors.copt.com/news-events/press-releases/detail/184/correcting-and-replacing-copt-reports-2015-results", "label": "investors.copt.com" }, { "id": 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