COPT Defense Properties
Logotype for COPT Defense Properties

COPT Defense Properties (CDP) investor relations material

COPT Defense Properties Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for COPT Defense Properties
Q4 2025 earnings summary6 Feb, 2026

Executive summary

  • Achieved adjusted FFO per share of $2.72 for 2025, up 5.8% year-over-year, marking the seventh consecutive year of growth and exceeding guidance midpoint.

  • Portfolio occupancy remained above 94% for 12 consecutive quarters, with leased rates above 95% for eight quarters.

  • Executed 3.1 million SF of total leasing in 2025, exceeding targets by nearly 40%, with sector-leading tenant retention.

  • Committed $278 million to new investments across five projects, 81% pre-leased, with four being expansions for existing tenants.

  • Announced a third consecutive dividend increase, totaling 10.9% growth over three years.

Financial highlights

  • 2025 adjusted FFO per share was $2.72, 2 cents above revised guidance and 6 cents above initial guidance.

  • Full year 2025 EPS was $1.34, up from $1.23 in 2024.

  • Same-property cash NOI increased 4.1% year-over-year, exceeding original guidance midpoint.

  • Issued $400 million in five-year unsecured notes at 4.6% yield to maturity and $400 million of 4.50% Senior Notes due 2030.

  • Total revenues for 2025 were $763.9 million, up from $753.3 million in 2024.

Outlook and guidance

  • 2026 FFO per share guidance midpoint set at $2.75, implying 1.1% growth, absorbing a 9-cent increase in financing costs.

  • 2026 EPS guidance midpoint: $1.25.

  • Same-property cash NOI projected to increase 2.5% at midpoint; occupancy expected between 93.5%-94.5%.

  • Tenant retention guidance for 2026: 75%-85%; cash rent spreads on renewals: 2.0% at midpoint.

  • Targeting 400,000 sq ft of vacancy leasing and 80% tenant retention for 2026.

Explain Q4 cash rent spread decline on renewals
Discuss new investment strategy with existing tenants
Quantify financing cost impact on 2026 FFO growth
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.

Next COPT Defense Properties earnings date

Logotype for COPT Defense Properties
Q1 202628 Apr, 2026
COPT Defense Properties
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

Next COPT Defense Properties earnings date

Logotype for COPT Defense Properties
Q1 202628 Apr, 2026

The essential earnings season companion

The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.

Live calls and transcripts

Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.

Find what you need faster

Search for any keyword across all transcripts simultaneously.

Easily store key findings

Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Your watchlist. Your dashboard.

Follow the companies that matter to you. Get a personalized feed with real-time updates.

Be the first to know

Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.

Consensus estimates

Access analyst consensus estimates, valuation multiples, and revenue segments splits.

All IR material in one place

The easiest way to stay updated during earnings season.

Global coverage

All events from public companies. Live and recorded.

Just click and listen

No webcast links. No manual registrations.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com

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.

Quartr provides global coverage of all investor relation material from public companies.

  • Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

  • Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.

  • Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.

Yes, the Quartr mobile app is free on both iOS and Android.

Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.

Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.

Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.

Explore our global coverage