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COPT Defense Properties (CDP) investor relations material
COPT Defense Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Achieved Q3 2025 FFO per share (as adjusted) of $0.69, up 6.2% year-over-year and $0.02 above guidance midpoint, with EPS at $0.37.
Portfolio leased rate reached 95.7%, the highest in 20 years, with occupancy at 93.9% and tenant retention at 82%.
Committed $72M to new investments, including the $45M acquisition of Stonegate I, a 142,000 SF building fully leased to a top defense contractor at a 9% initial cash NOI yield.
Closed $400M of 4.50% Senior Notes due 2030, upsized revolving credit facility to $800M, and established a $200M development facility, increasing liquidity.
Portfolio focused on properties near U.S. defense installations, totaling 22.6M SF across 198 properties.
Financial highlights
FFO per share (as adjusted) was $0.69 for Q3 2025 and $2.02 for the first nine months, up 6.2% and 5.2% year-over-year, respectively.
Net income for Q3 2025 was $43.7M, up from $37.4M in Q3 2024; diluted EPS was $0.37, up from $0.32.
Same Property cash NOI increased 4.6% year-over-year for both the quarter and first nine months.
Lease revenue for Q3 2025 was $178.3M; total revenues were $188.8M.
GAAP payout ratio improved to 80.5% from 90.7% year-over-year.
Outlook and guidance
Raised 2025 FFO per share guidance midpoint by $0.03 to $2.70, implying 5.1% growth over 2024.
Increased guidance for same property cash NOI growth to 4.0% and year-end occupancy to 94.2%.
Q4 2025 FFO per share guidance set at $0.67–$0.69; EPS guidance at $0.32–$0.34.
Capital commitment to new investments increased to $250M at midpoint.
Liquidity considered adequate for near- and long-term needs, with expanded credit facilities and new development funding.
How do recent investments reinforce market dominance?
How will new financings fund future growth?
What drove the increased operating guidance?
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Next COPT Defense Properties earnings date
Q4 202513 Feb, 2026
Next COPT Defense Properties earnings date
Q4 202513 Feb, 2026
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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.
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