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COPT Defense Properties ( COPT Defense ) and subsidiaries (collectively, the Company , we or us ) is a fully-integrated and self-managed real estate investment trust ( REIT ) focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government ( USG ) defense installations and missions (which we refer to herein as our Defense/IT Portfolio).
30.16% operating margin is above average. ROIC at 5.55%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue growth slowed to 1.4%, essentially flat. This is a business that needs a catalyst.
Net debt of $2.54B represents 8.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$777M
▲ +1.4% YoY
Net Income (TTM)
$155M
▲ +9.6% YoY
Op. Margin
30.14%
▲ +1.8pp YoY
ROIC
5.68%
▲ +0.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$314M
▼ -3.6% YoY
Op. Cash Flow (TTM)
$334M
▼ -6.4% YoY
Net Debt
$2.56B
Cash & Equiv.
$29M
5Y CAGR: +5.6%
5Y CAGR: +7.0%
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