COPT Defense Properties (NYSE: CDP) is office that isn’t really office: specialized buildings adjacent to Fort Meade, the Pentagon, and other defense installations, leased to the U.S. government and defense contractors doing classified work that cannot relocate, the sector’s one genuine moat.
| COPT Defense Properties (CDP) Snapshot | |
|---|---|
| Share Price (delayed) | $36.67 +0.56% |
| Market Cap | $4.1B |
| Annualized Dividend | $1.25 (Quarterly) |
| Dividend Yield | 3.43% |
| Sector | Office ยท Defense IT |
Market data updates automatically several times daily. Last price refresh: Jul 14, 2026.
Business Model
Security clearances anchor the tenancy: SCIF-equipped buildings (sensitive compartmented information facilities) next to mission installations serve tenants whose work legally cannot move to generic space, producing high renewal rates, steady FFO growth through the entire office apocalypse, and a dividend that never blinked. Defense spending cycles, not office demand, drive results.
The Honest Risk Section
Federal budget politics is the demand curve (continuing resolutions and defense appropriations set the weather), tenant concentration in one customer’s ecosystem is structural, and the market prices the safety, this is the office sector’s premium multiple. The moat is real; it’s also government-shaped.
Frequently Asked Questions
Why did CDP avoid the office downturn?
Its tenants perform classified defense work in specialized facilities near mission installations, demand tied to national security priorities rather than hybrid-work trends.
Is CDP’s dividend safe?
Yes, maintained and growing through the entire office crisis with conservative coverage, the strongest payout record in the office sector alongside Cousins and BXP.
Analysis reflects disclosures through Q1 2026. Live market data updates automatically. Independent research, not investment advice.