CDP COPT Defense Properties (CDP) Q2 FY26 earnings call
COPT Defense Properties delivered a strong second quarter, exceeding FFO per share guidance and marking its 24th consecutive quarter of year-over-year FFO growth, driven by robust defense spending and successful leasing. The company raised its full-year guidance across multiple metrics, including FFO per share and same-property cash NOI, despite increased financing costs and dilution from exchangeable notes. Strategic investments in development, particularly at Redstone Gateway, are accelerating to meet growing demand from priority defense missions.
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CDP operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Retention rate | 91%We executed 1.2 million square feet of renewal leasing and achieved a 91% retention rate.Source: earnings call transcript | 68%We executed nearly 350,000 square feet in the quarter with tenant retention of 68%, cash rent spreads down 20 basis points and GAAP rent spreads up 4.4%.Source: earnings call transcript | -23 pt |
| Occupancy rate | 94.4%We finished the quarter with strong occupancy at 94.4% in the total portfolio and 95.6% in the Defense IT portfolio.Source: earnings call transcript | 94.1%Our total portfolio was 95.6% leased and 94.1% occupied while our Defense/IT portfolio was 96.4% leased and 95.1% occupied.Source: earnings call transcript | -0.3 pt |
| Occupancy rate Defense IT | 95.6%We finished the quarter with strong occupancy at 94.4% in the total portfolio and 95.6% in the Defense IT portfolio.Source: earnings call transcript | 95.1%Our total portfolio was 95.6% leased and 94.1% occupied while our Defense/IT portfolio was 96.4% leased and 95.1% occupied.Source: earnings call transcript | -0.5 pt |
| Occupancy rate Same-property | 94.2%Same-property occupancy ended the quarter at 94.2%, which is a 60 basis point increase over the year and was driven by a 500 basis point increase in the other segment.Source: earnings call transcript | 94.5%Same-property occupancy ended the quarter at 94.5%, which is up 30 basis points from last quarter due to the temporary occupancy bump at 100 Light Street that Britt mentioned.Source: earnings call transcript | +0.3 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.