{"id":955025,"date":"2026-04-27T16:37:10","date_gmt":"2026-04-27T20:37:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/copt-defense-reports-first-quarter-2026-results\/"},"modified":"2026-04-27T16:37:10","modified_gmt":"2026-04-27T20:37:10","slug":"copt-defense-reports-first-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/copt-defense-reports-first-quarter-2026-results\/","title":{"rendered":"COPT Defense Reports First Quarter 2026 Results"},"content":{"rendered":"

<\/p>\n

COPT Defense Reports First Quarter 2026 Results<\/b><\/p>\n

EPS of $0.34<\/b><\/p>\n

FFO per Share, As Adjusted for Comparability, of $0.69<\/b><\/p>\n

6.2% FFO per Share Growth Year-over-Year<\/i><\/p>\n

1-cent above the Midpoint of Guidance<\/i><\/p>\n

Increased Midpoint of 2026 FFO per Share Guidance by 1-cent to $2.76<\/b><\/p>\n

Implies 1.5% FFO per Share Growth for the Year<\/i><\/p>\n

Same Property Cash NOI Increased 5.4%<\/b><\/p>\n

Increased Midpoint of 2026 Guidance by 50 basis points to 3.0%<\/i><\/p>\n

Occupancy and Leased Levels<\/b><\/p>\n

Total Portfolio 94.4% Occupied and 95.2% Leased<\/i><\/p>\n

Defense\/IT Portfolio 95.6% Occupied and 96.4% Leased<\/i><\/p>\n

Leasing Activity<\/b><\/p>\n

Total Leasing of 1.6 million SF<\/i><\/p>\n

Vacancy Leasing of 92,000 SF<\/i><\/p>\n

On Track to Achieve Annual Target of 400,000 SF<\/i><\/p>\n

Renewal Leasing of 1.2 million SF<\/i><\/p>\n

Tenant Retention of 91%<\/i><\/p>\n

Increased Midpoint of 2026 Guidance by 250 basis points to 82.5%<\/i><\/p>\n

Investment Leasing of 384,000 SF<\/i><\/p>\n

Investment Activity<\/b><\/p>\n

Committed $201 million of Capital to Two New Investments that are 61% Pre-Leased<\/i><\/p>\n

Increased Midpoint of 2026 Guidance by $40 million to $290 million<\/i><\/p>\n

COLUMBIA, Md.–(BUSINESS WIRE<\/a>)–
\nCOPT Defense Properties (\u201cCOPT Defense\u201d or the \u201cCompany\u201d) (NYSE: CDP) announced results for the first quarter ended March 31, 2026.<\/p>\n

Management Comments<\/span><\/b><\/p>\n

\nStephen E. Budorick, COPT Defense\u2019s President & Chief Executive Officer, commented, \u201cWe 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.<\/p>\n

\nIn 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.<\/p>\n

\nOver the past 4 months, we committed nearly $250 million to three new investments, consisting of a fully pre-leased build-to-suit development at The National Business Park in Maryland, an inventory building development that is designed for U.S. Government tenancy at Redstone Gateway in Alabama, and an acquisition of 17 acres of strategic land subject to a ground lease on which two fully leased strategic office buildings have been developed in Chantilly, Virginia. These investments serve to enhance and expand our relationships with leading defense contractor and U.S. Government tenants and position the Company to further expand our strategic portfolio in the future and ultimately drive shareholder value.<\/p>\n

\nOur outstanding performance in 2025 and expected performance in 2026 led our Board of Trustees to approve a 4.9% increase in our quarterly dividend in February, which marks our fourth consecutive annual increase, amounting to a 16.4% cumulative increase since 2022. Finally, we were very pleased that Moody\u2019s upgraded our investment grade rating by one level to Baa2 with a Stable outlook in March, which reflects the strength and specialized nature of our strategy, platform, and portfolio.\u201d<\/p>\n

Financial Highlights<\/span><\/b><\/p>\n

1st Quarter Financial Results:<\/b><\/p>\n