CDPCOPT DEFENSE PROPERTIES

Real Estate Investment Trusts

Revenue: $42M; 44% YoY
Operating margin: —
EBITDA: —
Market cap: $3.8B
Employees: 430; $98K revenue each
Net debt / EBITDA: —; $2.6B net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
318% of net income
Cash flow under 80% of net income
Dilutive SBCYes
28% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
45% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$98K · 18th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 48th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
9.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$108M	$155M	$60M	$76M	$42M	44%
Operating cash flow	$249M	$266M	$276M	$331M	$310M	6.4%
Stock-based comp	$8M	$9M	$9M	$10M	$12M	12%
Dividends	$124M	$124M	$127M	$132M	$137M	3.6%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 3
Net: −$1M

Pay vs performance

No pay-versus-performance disclosure yet.