HIGHBuilt-inProperty_type
90.3%
Defense/IT Portfolio
“10-K Item 1A: 'As of December 31, 2025, 90.3% of our ARR was from our Defense/IT Portfolio.'”
CDP · Concentration risk · 10-K extracted
COPT Defense Properties (CDP) concentration risks
Updated
The most significant concentration COPT Defense Properties discloses is Defense/IT Portfolio at 90.3%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: COPT Defense Properties’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 5 disclosed concentrations
HIGH2
MEDIUM2
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-in & outside partyTenant
51.1%
top-3 tenants
“10-K Item 1A: 'the three largest of these tenants accounted for 51.1%'”
MEDIUMBuilt-in & outside partyTenant
35.4%
USG
“10-K Item 1A: 'the USG, our largest tenant, accounted for 35.4%'”
MEDIUMBuilt-inGeographic
Greater Washington, DC/Baltimore region
“10-K Item 1A: 'Most of our properties are located in the Mid-Atlantic region of the United States, particularly in the Greater Washington, DC/Baltimore region.'”
LOWOutside partyCustomer
11.3%
Fortune 100 cloud computing customer
“10-K Item 1A: 'a Fortune 100 Company cloud computing customer, whose total leased space from us accounted for 11.3% of our ARR as of December 31, 2025'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is dominated by two reinforcing exposures: a property-type tilt toward defense and information technology tenants, and a narrow base of large government-linked lessees. As of year-end 2025, 90.3% of annualized recurring revenue derived from the Defense/IT Portfolio — a high-share, structural concentration that reflects a deliberate strategic focus on government-adjacent real estate rather than any single contractual dependency. This framing means the exposure is durable by design, but it also means the portfolio has limited natural diversification against a broad government spending drawdown. Layered on top is a tenant concentration that is more idiosyncratic. The three largest tenants collectively accounted for 51.1% of annualized recurring revenue — a high share that concentrates results in a small number of lease relationships. The largest of these, the U.S. Government, alone represented 35.4%, a medium-share relationship with a mixed character: stable under normal appropriations but subject to budget sequestration or contract non-renewal risk. A single Fortune 100 cloud computing tenant accounted for 11.3% of annualized recurring revenue, a low individual share but notable given its single-name dependency character. The company is also geographically concentrated in the greater Washington, DC/Baltimore region, amplifying the shared macro sensitivity across all tenants. Together these exposures suggest the investment case is closely tied to sustained U.S. defense and technology spending.
For the engine’s reasoning on CDP’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Office
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CDP● | COPT Defense Properties | 2 | 2 | 1 | 5 |
| ARE | Alexandria Real Estate Equities | 2 | 0 | 0 | 2 |
| BXP | BXP, Inc. | 2 | 0 | 0 | 2 |
| CUZ | Cousins Properties Incorporated | 1 | 3 | 1 | 5 |
| DEI | Douglas Emmett, Inc. | 1 | 0 | 1 | 2 |
| HIW | Highwoods Properties, Inc. | 1 | 0 | 1 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.