The beat and guidance raise should support near-term upward price momentum. Watch for leasing updates and development pipeline progress on the conference call tomorrow.
Price Chart
Executive Summary
COPT Defense Properties reported Q1 2026 FFO per share of $0.69, beating the $0.68 consensus by 1 cent and up 6.2% YoY. Same Property cash NOI grew 5.4% YoY. Management raised the midpoint of 2026 FFO per share guidance by $0.01 to $2.76, implying 1.5% growth, and cited strong leasing activity and a dividend increase.
Key Financial Metrics
Key Facts
- Q1 2026 diluted EPS $0.34 vs $0.31 YoY
- FFO per share (adjusted) $0.69 vs $0.65 YoY, beat consensus of $0.68
- Same Property cash NOI increased 5.4% YoY
- Full-year 2026 FFOPS guidance raised to $2.73-$2.79 (midpoint $2.76)
- Quarterly dividend increased 4.9% to $0.32/share
- Moody's upgraded issuer rating to Baa2 with stable outlook
Financial Impact
FFO per share beat by $0.01 on consensus $0.68; guidance midpoint raised $0.01
Risk Factors
- U.S. government lease concentration (35% of ARR) exposes to budget risks
- Interest rate sensitivity with net debt to adjusted book at 40.6%
- Development pipeline requires $370M additional capital; execution risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000860546-26-000024 |
| Document: cdp-20260427.htm | 0000860546-26-000024 |
| Document: 0000860546-26-000024-index-headers.html | 0000860546-26-000024 |
| Document: 0000860546-26-000024-index.html | 0000860546-26-000024 |
| Document: 0000860546-26-000024.txt | 0000860546-26-000024 |
| 8-K Data (Synthetic) | 0000860546-26-000024 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 2, 2026 20w ago | Insider Cluster | $31.72 $37.32 | ▲ +17.65% | ▲ +16.54% | $34.10 (+7.50%) |
Apr 27, 2026 26w ago | 8-K | $32.09 $37.48 | ▲ +16.80% | ▲ +12.81% | $34.10 (+6.26%) |
Mar 30, 2026 30w ago | DEFA14A | $30.60 $36.32 | ▲ +18.69% | ▲ +6.31% | $34.10 (+11.44%) |
US Market Status
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