The raised guidance midpoint and increased investment commitments signal confidence in sustained defense-driven demand. Monitor Q4 results for continued leasing momentum and the impact of strategic space recaptures on retention rates.
Price Chart
Executive Summary
COPT Defense Properties reported Q3 2026 FFO per share of $0.71, beating the $0.69 consensus by 2.9% and exceeding the midpoint of guidance by $0.02. The company raised its 2026 FFO per share guidance midpoint by $0.02 to $2.80 and increased its Same Property cash NOI growth guidance to 4.25%. Total revenue was $208.8M, above the $195.8M consensus, driven by strong leasing demand in defense-focused markets.
Key Financial Metrics
Key Facts
- Q3 2026 FFO per share (as adjusted for comparability) of $0.71, up 2.9% YoY from $0.69, beating consensus of $0.69
- GAAP diluted EPS of $0.41, up from $0.37 in Q3 2025
- Total revenue of $208.8M, up 10.6% YoY from $188.8M, above $195.8M consensus
- Same Property cash NOI increased 3.2% in Q3 and 5.3% year-to-date
- Raised 2026 FFO per share guidance midpoint by $0.02 to $2.80 (range $2.79-$2.81)
- Increased 2026 Same Property cash NOI growth guidance midpoint by 25 bps to 4.25%
- DefenseIT Portfolio 95.2% occupied and 96.2% leased; total portfolio 94.0% occupied
- Development pipeline of 1.1M square feet, 64% pre-leased, with $528M total estimated investment
- Committed $88M to two new inventory developments in Huntsville, AL
- Net debt to in-place adjusted EBITDA ratio of 5.9x; adjusted EBITDA fixed charge coverage of 4.4x
Financial Impact
FFO per share beat consensus by $0.02 (2.9% YoY growth); revenue beat consensus by $13.0M (6.6%); guidance raised by $0.02 per share
Risk Factors
- Tenant retention guidance midpoint lowered to 80% due to strategic space recaptures, which could pressure near-term occupancy
- Interest expense increased to $24.4M from $20.9M YoY, reflecting higher debt levels and rates
- Exchangeable notes dilution: $0.03 of incremental dilution from 20% share price increase in first nine months
- Concentration risk: U.S. Government represents 34.6% of annualized rental revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000860546-26-000044 |
| Document: cdp-20261029.htm | 0000860546-26-000044 |
| Document: 0000860546-26-000044-index-headers.html | 0000860546-26-000044 |
| Document: 0000860546-26-000044-index.html | 0000860546-26-000044 |
| Document: 0000860546-26-000044.txt | 0000860546-26-000044 |
| 8-K Data (Synthetic) | 0000860546-26-000044 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $33.81 | awaiting T+60 | awaiting T+60 | $33.35 (−1.36%) |
Jun 2, 2026 21w ago | Insider Cluster | $31.72 $37.32 | ▲ +17.65% | ▲ +16.54% | $33.35 (+5.14%) |
Apr 27, 2026 26w ago | 8-K | $32.09 $37.48 | ▲ +16.80% | ▲ +12.81% | $33.35 (+3.93%) |
Mar 30, 2026 30w ago | DEFA14A | $30.60 $36.32 | ▲ +18.69% | ▲ +6.31% | $33.35 (+8.99%) |
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