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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.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Achieved 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 Defense/IT portfolio occupancy at 95.5% and leased at 96.5%.
Executed 3.1 million SF of total leasing in 2025, exceeding targets by nearly 40%, including 557,000 SF of vacancy leasing and 477,000 SF of investment leasing.
Committed $278 million to five new investments in 2025, 81% pre-leased, with four being expansions for existing tenants.
Maintained a strong balance sheet with increased debt capacity, conservative leverage, and strong liquidity.
Financial highlights
2025 FFO per share of $2.72, $0.06 above initial guidance and $0.02 above revised guidance; Q4 2025 FFO per share was $0.70, up 7.7% year-over-year.
Full year 2025 EPS was $1.34, up from $1.23 in 2024; total revenues for 2025 were $763.9 million.
Same Property Cash NOI increased 4.1% year-over-year, exceeding original guidance midpoint.
Dividend per share increased 10.9% since 2022, marking the third consecutive annual increase.
Capital commitment to new investments in 2025 totaled $278 million.
Outlook and guidance
2026 FFO per share guidance midpoint set at $2.75, implying 1.1% growth over 2025, with EPS guidance midpoint at $1.25.
Guidance absorbs a $0.09 increase in financing costs; excluding this, FFO per share would have grown 4.4%.
Same Property Cash NOI projected to increase 2.5% at the midpoint for 2026.
Year-end 2026 occupancy guidance: 94.0% at midpoint; tenant retention expected at 75%-85% and cash rent spreads up 2% at midpoint.
Vacancy leasing target for 2026 set at 400,000 SF, one-third of available inventory.
Explain Q4 cash rent spread decline on renewals
Discuss new investment strategy with existing tenants
Quantify financing cost impact on 2026 FFO growth
Huntsville's long-term development capacity
Key factors impacting 2026 FFO growth rate
Outlook for Q1 2026 San Antonio lease renewals
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Next COPT Defense Properties earnings date
Q1 202628 Apr, 2026
COPT Defense Properties
Next COPT Defense Properties earnings date
Q1 202628 Apr, 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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