COPT Defense Reports First Quarter 2026 Results

About this update from Copt Defense Properties

EPS of $0.34 FFO per Share, As Adjusted for Comparability, of $0.69 6.2% FFO per Share Growth Year-over-Year 1-cent above the Midpoint of Guidance Increased Midpoint of 2026 FFO per Share Guidance by 1-cent to $2.76 Implies 1.5% FFO per Share Growth for the Year Same Property Cash NOI Increased 5.4% Increased Midpoint of 2026 Guidance by 50 basis points to 3.0% Occupancy and Leased Levels Total Portfolio 94.4% Occupied and 95.2% Leased Defense/IT Portfolio 95.6% Occupied and 96.4% Leased Leasing Activity Total Leasing of 1.6 million SF Vacancy Leasing of 92,000 SF On Track to Achieve Annual Target of 400,000 SF Renewal Leasing of 1.2 million SF Tenant Retention of 91% Increased Midpoint of 2026 Guidance by 250 basis points to 82.5% Investment Leasing of 384,000 SF Investment Activity Committed $201 million of Capital to Two New Investments that are 61% Pre-Leased Increased Midpoint of 2026 Guidance by $40 million to $290 million COLUMBIA, Md., April 27, 2026--(BUSINESS WIRE)--COPT Defense Properties ("COPT Defense" or the "Company") (NYSE: CDP) announced results for the first quarter ended March 31, 2026. Management Comments Stephen E. Budorick, COPT Defense’s President & Chief Executive Officer, commented, "We achieved solid results in the first quarter and our performance is tracking on all aspects of our full year plan. FFO per share exceeded the midpoint of our guidance range by $0.01. Based on this outperformance, and our forecast for the remainder of the year, we increased the midpoint of 2026 FFO per share guidance by $0.01 to $2.76. In terms of our leasing achievements, we are off to a great start, as we have executed over 90,000 square feet of vacancy leasing, over 380,000 square feet of investment leasing, and a record 1.2 million square feet of renewal leasing in the first quarter, which equated to a strong tenant retention rate of 91%. Our strong renewal volume, retention, and cash rent spreads in the quarter were driven by the 953,000 square foot full renewal of our U.S. Government campus near Lackland Air Force Base in San Antonio. Our Defense/IT Portfolio was 95.6% occupied and 96.4% leased at quarter-end, and marked thirteen consecutive quarters in which our occupancy rate exceeded 94%, highlighting the strength and durability of our portfolio. Over the past 4 months, we committed nearly $250 million to three n...

View stock analysis, news, and events for Copt Defense Properties