COPT Defense Properties

CDP · NYSE

$33.31+$0.57 (+1.74%)TodayMarket closed · Oct 20, 6:30 PM ET

Prev close $32.74

CDP analyst rating

BuyConsensus of 7 analysts over the last 12 months. 57% rate it a buy.

Strong buy0
Buy4
Hold3
Underperform0
Sell0

12-month price target · 9 analysts

Average $40.95 (+22.9% upside)

Low: $34.34
Now: $33.31
High: $46.20

Upgrades and downgrades

The latest rating actions, newest first

CDP analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Evercore ISI Group	Sep 21, 2026	Maintains	Outperform	$43.00 → $41.00	45%
Wells Fargo	Sep 1, 2026	Maintains	Overweight	$36.00 → $41.00	42%
Truist Securities	Aug 24, 2026	Maintains	Hold	$34.00 → $38.00	45%
Citigroup	Jul 30, 2026	Maintains	Neutral	$34.00 → $40.00	52%
Evercore ISI Group	Jul 28, 2026	Maintains	Outperform	$42.00 → $43.00	45%
Evercore ISI Group	Jul 27, 2026	Maintains	Outperform	$41.00 → $42.00	45%
Evercore ISI Group	Jul 6, 2026	Maintains	Outperform	$39.00 → $41.00	45%
Cantor Fitzgerald	Jun 25, 2026	Maintains	Overweight	$37.00	55%
Evercore ISI Group	Jun 15, 2026	Maintains	Outperform	$38.00 → $39.00	45%
Truist Securities	Jun 8, 2026	Maintains	Hold	$33.00 → $34.00	45%

The case for and against

Updated Oct 16, 2026

Bull case

COPT Defense Props is well positioned by its defense/IT/cyber real estate platform, where at least 80% of the portfolio has high-security features and about 35% is directly leased to the U.S. government, supporting exceptionally sticky demand and 82.5% retention. Its leases typically carry 2.5% to 3% escalators, full-building U.S. government renewals have been completed without exception over 30 years, and 1Q26 delivered a solid beat with guidance raised to $2.73-$2.79 alongside a 4.9% dividend increase and a 64% AFFO payout ratio. The outlook is further strengthened by 2026 leasing progress of 267ksf toward a 400ksf target, high occupancy of 94.4%, and strategic campuses such as NBP at 97% leased, Redstone Gateway at 99.6% occupied, and San Antonio at 100% leased.

Bear case

COPT Defense Props is exposed to a highly cyclical leasing backdrop because, although defense spending has risen at a 5.7% CAGR from FY2016 to the present and its FFO has grown at a 5.0% CAGR from 2019 to the present, its leasing typically lags appropriations by 12-18 months. The company’s 5.9x levered balance sheet adds financial sensitivity if government or contractor tenants delay commitments, especially in key markets like Huntsville where demand may need to be absorbed through alternative space solutions. Its outlook is also constrained by federal budget and political risk, since partisan shifts and election cycles can quickly alter the pace of defense-related demand and impair tenant absorption.

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