COPT Defense Properties: Slow And Steady Growth

Stocktrek/DigitalVision via Getty Images COPT Defense Properties (NYSE:CDP) owns 210 properties, most of which are focused on the defense industry. While technically classified as an office REIT, its differentiated property type gives it an entirely different set of fundamentals. We see it as moderately opportunistic, with the stock trading at a low AFFO multiple relative to its reliable growth. High renewal rates and rent roll-ups position the company for roughly 4%-5% growth for the next few years, wh ...