COPT Defense Properties (CDP) is overvalued and Kilroy Realty Corp (KRC) is overvalued.
Both trade above our estimate of their intrinsic value. KRC is the closer of the two: -175%, against -188% for CDP.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.2% (average of 3 methods) values the shares at $11.92; the price of $34.34 is 188% above that value, and 79% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
Discounting its cash flows at 7.7% (average of 2 methods) values the shares at $12.65; the price of $34.74 is 175% above that value, and 80% of that value comes from beyond year five.
Leak Score 0/100 on 3 of 12 signals
| Metric | CDP | KRC |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $34.34 | $34.74 |
| Intrinsic value | $11.92 | $12.65 |
| Margin of safety | -188% | -175% |
| Leak Score | 14/100 (3/12) | 0/100 (3/12) |
| Market cap | $7.8B | $4.1B |
| Revenue growth, 5 years | 5.6% | 4.4% |
| Operating margin | 30.3% | 24.7% |
| Net margin | 20.9% | 15.4% |
| Return on equity | 10.8% | 3.2% |
| Debt to equity | 1.75 | 0.89 |
| P/E | 23.9x | 24.5x |
| Forward P/E | 23.3x | 75.8x |
| P/B | 2.5x | 0.8x |
| Dividend yield | 3.7% | 6.2% |