# COPT DEFENSE PROPERTIES

Summary updated: 2026-10-02T13:41:22.785455Z
Canonical: https://finbar.com/research/companies/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](https://app.finbar.com/go?id=P145676247)

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](https://app.finbar.com/go?id=P145676365)[3](https://app.finbar.com/go?id=P145676248)

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](https://www.copt.com/capabilities/) Total revenue for fiscal 2025 was approximately $721.8 million. [5](https://app.finbar.com/go?id=T8117165)
[1](https://app.finbar.com/go?id=P145676247)[2](https://app.finbar.com/go?id=P145676365)[3](https://app.finbar.com/go?id=P145676248)[4](https://www.copt.com/capabilities/)[5](https://app.finbar.com/go?id=T8117165)[4](https://www.copt.com/capabilities/)

## 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](https://app.finbar.com/go?id=P69842280)[7](https://app.finbar.com/go?id=P105596174)

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](https://app.finbar.com/go?id=P28339522)[9](https://app.finbar.com/go?id=P99095554) Its services include developing, operating, and leasing properties; its capabilities materials also describe designing and constructing mission-critical facilities and tenant improvements. [10](https://app.finbar.com/go?id=P33128232)[4](https://www.copt.com/capabilities/)

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](https://app.finbar.com/go?id=T16671044)
[6](https://app.finbar.com/go?id=P69842280)[7](https://app.finbar.com/go?id=P105596174)[8](https://app.finbar.com/go?id=P28339522)[9](https://app.finbar.com/go?id=P99095554)[10](https://app.finbar.com/go?id=P33128232)[4](https://www.copt.com/capabilities/)[11](https://app.finbar.com/go?id=T16671044)[4](https://www.copt.com/capabilities/)

## 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](https://app.finbar.com/go?id=P69842280)[12](https://app.finbar.com/go?id=P63955261)[13](https://www.copt.com/locations/maryland/)[14](https://www.copt.com/locations/virginia/)[15](https://www.copt.com/locations/alabama/)[16](https://www.copt.com/locations/texas/)

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](https://app.finbar.com/go?id=T16671044) The company’s principal executive office is in Columbia, Maryland. [17](https://app.finbar.com/go?id=T10724172)
[6](https://app.finbar.com/go?id=P69842280)[12](https://app.finbar.com/go?id=P63955261)[13](https://www.copt.com/locations/maryland/)[14](https://www.copt.com/locations/virginia/)[15](https://www.copt.com/locations/alabama/)[16](https://www.copt.com/locations/texas/)[11](https://app.finbar.com/go?id=T16671044)[11](https://app.finbar.com/go?id=T16671044)[11](https://app.finbar.com/go?id=T16671044)[11](https://app.finbar.com/go?id=T16671044)[11](https://app.finbar.com/go?id=T16671044)[11](https://app.finbar.com/go?id=T16671044)[11](https://app.finbar.com/go?id=T16671044)[11](https://app.finbar.com/go?id=T16671044)[17](https://app.finbar.com/go?id=T10724172)[13](https://www.copt.com/locations/maryland/)[14](https://www.copt.com/locations/virginia/)[15](https://www.copt.com/locations/alabama/)[16](https://www.copt.com/locations/texas/)

## 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](https://app.finbar.com/go?id=P145676247)[2](https://app.finbar.com/go?id=P145676365)

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](https://app.finbar.com/go?id=T16671044) The Other segment is separately reported, but the cited segment disclosures do not provide a comparable detailed business or tenant-focus description. [2](https://app.finbar.com/go?id=P145676365)
[1](https://app.finbar.com/go?id=P145676247)[2](https://app.finbar.com/go?id=P145676365)[11](https://app.finbar.com/go?id=T16671044)[11](https://app.finbar.com/go?id=T16671044)[11](https://app.finbar.com/go?id=T16671044)[11](https://app.finbar.com/go?id=T16671044)

## 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](https://www.shidler.com/companies) [19](https://www.sec.gov/Archives/edgar/data/860546/0001047469-98-043768.txt) [20](https://www.sec.gov/Archives/edgar/data/860546/000086054624000023/coptdefensepropertiesannua.pdf)

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](https://investors.copt.com/news-events/press-releases/detail/184/correcting-and-replacing-copt-reports-2015-results) [22](https://investors.copt.com/news-events/press-releases/detail/185/copt-announces-steve-budorick-to-succeed-roger-waesche-as)

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](https://investors.copt.com/news-events/press-releases/detail/490/corporate-office-properties-trust-rebrands-to-copt-defense) [24](https://investors.copt.com/news-events/press-releases/detail/521/copt-defense-reports-strong-full-year-2024-results)
[18](https://www.shidler.com/companies)[19](https://www.sec.gov/Archives/edgar/data/860546/0001047469-98-043768.txt)[20](https://www.sec.gov/Archives/edgar/data/860546/000086054624000023/coptdefensepropertiesannua.pdf)[21](https://investors.copt.com/news-events/press-releases/detail/184/correcting-and-replacing-copt-reports-2015-results)[22](https://investors.copt.com/news-events/press-releases/detail/185/copt-announces-steve-budorick-to-succeed-roger-waesche-as)[23](https://investors.copt.com/news-events/press-releases/detail/490/corporate-office-properties-trust-rebrands-to-copt-defense)[24](https://investors.copt.com/news-events/press-releases/detail/521/copt-defense-reports-strong-full-year-2024-results)[18](https://www.shidler.com/companies)[19](https://www.sec.gov/Archives/edgar/data/860546/0001047469-98-043768.txt)[20](https://www.sec.gov/Archives/edgar/data/860546/000086054624000023/coptdefensepropertiesannua.pdf)[21](https://investors.copt.com/news-events/press-releases/detail/184/correcting-and-replacing-copt-reports-2015-results)[22](https://investors.copt.com/news-events/press-releases/detail/185/copt-announces-steve-budorick-to-succeed-roger-waesche-as)[23](https://investors.copt.com/news-events/press-releases/detail/490/corporate-office-properties-trust-rebrands-to-copt-defense)[24](https://investors.copt.com/news-events/press-releases/detail/521/copt-defense-reports-strong-full-year-2024-results)

## Sources

1. [COPT DEFENSE PROPERTIES — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P145676247)
2. [COPT DEFENSE PROPERTIES — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P145676365)
3. [COPT DEFENSE PROPERTIES — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P145676248)
4. [www.copt.com](https://www.copt.com/capabilities/)
5. [COPT DEFENSE PROPERTIES — Full financial report (2025 Y)](https://app.finbar.com/go?id=T8117165)
6. [COPT DEFENSE PROPERTIES — Full financial report (2025 Y)](https://app.finbar.com/go?id=P69842280)
7. [COPT DEFENSE PROPERTIES — Full financial report (2025 Y)](https://app.finbar.com/go?id=P105596174)
8. [COPT DEFENSE PROPERTIES — Full financial report (2025 Y)](https://app.finbar.com/go?id=P28339522)
9. [COPT DEFENSE PROPERTIES — Full financial report (2025 Y)](https://app.finbar.com/go?id=P99095554)
10. [COPT DEFENSE PROPERTIES — Full financial report (2025 Y)](https://app.finbar.com/go?id=P33128232)
11. [COPT DEFENSE PROPERTIES — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16671044)
12. [COPT DEFENSE PROPERTIES — Full financial report (2025 Y)](https://app.finbar.com/go?id=P63955261)
13. [www.copt.com](https://www.copt.com/locations/maryland/)
14. [www.copt.com](https://www.copt.com/locations/virginia/)
15. [www.copt.com](https://www.copt.com/locations/alabama/)
16. [www.copt.com](https://www.copt.com/locations/texas/)
17. [COPT DEFENSE PROPERTIES — Full financial report (2025 Y)](https://app.finbar.com/go?id=T10724172)
18. [www.shidler.com](https://www.shidler.com/companies)
19. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/860546/0001047469-98-043768.txt)
20. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/860546/000086054624000023/coptdefensepropertiesannua.pdf)
21. [investors.copt.com](https://investors.copt.com/news-events/press-releases/detail/184/correcting-and-replacing-copt-reports-2015-results)
22. [investors.copt.com](https://investors.copt.com/news-events/press-releases/detail/185/copt-announces-steve-budorick-to-succeed-roger-waesche-as)
23. [investors.copt.com](https://investors.copt.com/news-events/press-releases/detail/490/corporate-office-properties-trust-rebrands-to-copt-defense)
24. [investors.copt.com](https://investors.copt.com/news-events/press-releases/detail/521/copt-defense-reports-strong-full-year-2024-results)

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