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COPT Defense Properties
COPT Defense Properties (CDP) investor relations material
COPT Defense Properties Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Oct, 2026
Executive summary
Q3 adjusted FFO per share was $0.71, $0.02 above the guidance midpoint; FY26 midpoint rose $0.02 to $2.80.
Q3 revenue was $208.8M, net income $49.8M and diluted EPS $0.41, all up YoY.
Total portfolio was 94.0% occupied and 95.0% leased at quarter-end; Defense/IT was 95.2% occupied and 96.2% leased.
Financial highlights
Q3 same-property cash NOI rose 3.2% YoY; nine-month growth was 5.3%.
Q3 adjusted FFO per share included $0.013 of Exchangeable Notes dilution and benefited from lower operating expenses, space recapture fees and development fees.
Q3 real estate NOI was $120.3M vs. $111.8M; nine-month NOI was $355.6M vs. $331.7M.
Q3 real estate sale gains were $7.7M vs. $3.0M YoY; nine-month gains were $14.7M vs. $3.3M.
Nine-month operating cash flow was $273.8M vs. $228.6M.
Outlook and guidance
FY26 adjusted FFO per share guidance midpoint increased to $2.80, implying 2.9% YoY growth; range is $2.79-$2.81.
Same-property cash NOI growth guidance midpoint rose 25 bps to 4.25%; FY26 EPS guidance is $1.43-$1.45.
FY26 vacancy leasing target increased to 625,000 SF; retention midpoint decreased 2.5 points to 80% after strategic recaptures.
FY26 new investment commitment target rose $40M to $375M; development and acquisition investment guidance increased $15M to $240M.
Q4 active development spending is expected at $80M-$90M; tenant improvements, capital improvements and leasing costs are expected to total ~$40M for the rest of 2026.
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Latest events from COPT Defense Properties
- FY23 adjusted FFOPS was $2.42; FY24 midpoint guidance implies ~4% growth.CDP
Q4 2023 - Q2 2026 exceeded guidance with higher FFO, strong leasing, and raised full-year outlook.CDPQ2 2026
- Raised 2026 guidance, strong leasing, and high retention drive growth in secure defense assets.CDPNareit REITweek: 2026 Investor Conference
- Strong financial results, all proposals passed, and no shareholder questions were raised.CDPAGM 2026
- Strong 1Q26 results and raised 2026 guidance highlight growth in defense-focused assets.CDPConference Presentation
- Q1 2026 saw record leasing, higher FFO per share, and a raised full-year outlook.CDPQ1 2026
- Key votes include board elections, executive pay, and auditor ratification at the 2026 meeting.CDPProxy filing
- Q2 2025 outperformed guidance with strong FFO growth, high occupancy, and raised 2025 outlook.CDPQ2 2025
- Q3 2024 beat guidance with strong leasing, NOI growth, and major accretive acquisitions.CDPQ3 2024
Next COPT Defense Properties earnings date
Q4 202611 Feb, 2027
COPT Defense Properties
Next COPT Defense Properties earnings date
Q4 202611 Feb, 2027
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Frequently asked questions
COPT Defense Properties is a real estate investment trust (REIT) that owns, develops, and manages properties primarily leased to defense-related and government tenants. Its portfolio includes office buildings and mission-critical facilities located near key military installations and knowledge-based employment centers. The company focuses on long-term leasing with U.S. federal agencies and defense contractors. The company is headquartered in Columbia, Maryland, and its shares are listed on the NYSE.