Jun 2026 (Q2 FY26) — Jul 28, 2026
COPT Defense Properties Q2 FY26 — Strong FFO Growth and Elevated Defense Spending Drive Development Pipeline
Read the full callCOPT Defense Properties (CDP) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
COPT Defense Properties earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 197 | +3.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
15 of 19 judged targets kept · 36 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FFO per share | $0.68 to $0.70 | Mar 2026 | For the second quarter, FFO per share was $0.71, which was $0.02 above the midpoint of guidance. | Achieved |
| Capital commitment to new investments | $225 million to $275 million | Dec 2025 | our capital commitment to new investments increased by $45 million to $335 million. | Revised Up |
| Lease execution (8100 Rideout Road) | Execute a 40,000 square foot lease | Sep 2024 | In April, we leased the remaining floor at 8,100 Rideout Road in Huntsville to a top 20 U.S. defense contractor. | Missed |
4 of COPT DEFENSE PROPERTIES's 55 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 52 more targets are in the full ledger.
Claimed
- FFO per share was $0.71, $0.02 above the midpoint of guidance, representing a 4.4% increase year-over-year and the 24th consecutive quarter of YoY FFO per share growth.
- Same-property cash NOI increased 7.4% year-over-year in Q2 and 6.4% in the first half of the year.
- Executed 139,000 square feet of vacancy leasing in Q2 and 231,000 square feet in H1, amounting to nearly 60% of the full-year target.
- Increased the midpoint of 2026 FFO per share guidance by $0.02 to $2.78, implying 2.2% growth over 2025.
- Increased 2026 same-property cash NOI growth guidance by 100 basis points to 4%, and the vacancy leasing target by nearly 20% to 475,000 square feet.
Qualified
- Full-year 2026 FFO per share guidance accounts for $0.12 of higher financing costs year-over-year, including $0.08 of incremental net interest expense and $0.04 of dilution from exchangeable notes.
- Same-property cash NOI growth is expected to moderate slightly in the back half of the year due to known move-outs, contractions, and nonrecurring real estate tax refunds received in H2 2025.
Price
$32.74 −1.65% · −$0.55
Performance +16.7% 1Y
1Y: $28.05 on 17 Oct 2025 → $32.74. High $38.35 (30 Jul 2026), low $27.32 (30 Oct 2025).
- Previous close
- $33.29
- 52-week range
- $27.32 – $38.35
- One year
- +15.57%
Overview
- Symbol
- CDP
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
15 of 19 judged targets kept · 36 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FFO per share | $0.68 to $0.70 | Mar 2026 | For the second quarter, FFO per share was $0.71, which was $0.02 above the midpoint of guidance. | Achieved |
| Capital commitment to new investments | $225 million to $275 million | Dec 2025 | our capital commitment to new investments increased by $45 million to $335 million. | Revised Up |
| Lease execution (8100 Rideout Road) | Execute a 40,000 square foot lease | Sep 2024 | In April, we leased the remaining floor at 8,100 Rideout Road in Huntsville to a top 20 U.S. defense contractor. | Missed |
Claimed
- FFO per share was $0.71, $0.02 above the midpoint of guidance, representing a 4.4% increase year-over-year and the 24th consecutive quarter of YoY FFO per share growth.
- Same-property cash NOI increased 7.4% year-over-year in Q2 and 6.4% in the first half of the year.
- Executed 139,000 square feet of vacancy leasing in Q2 and 231,000 square feet in H1, amounting to nearly 60% of the full-year target.
- Increased the midpoint of 2026 FFO per share guidance by $0.02 to $2.78, implying 2.2% growth over 2025.
- Increased 2026 same-property cash NOI growth guidance by 100 basis points to 4%, and the vacancy leasing target by nearly 20% to 475,000 square feet.
Qualified
- Full-year 2026 FFO per share guidance accounts for $0.12 of higher financing costs year-over-year, including $0.08 of incremental net interest expense and $0.04 of dilution from exchangeable notes.
- Same-property cash NOI growth is expected to moderate slightly in the back half of the year due to known move-outs, contractions, and nonrecurring real estate tax refunds received in H2 2025.
The full ledger
Open COPT DEFENSE PROPERTIES’s full ledger
A free account opens 5 company ledgers a month. All 55 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
COPT Defense Properties Q1 FY26 — Strong Start with FFO Beat and Raised Guidance
Read the full callEvery analysed call
COPT Defense Properties earnings calls (CDP)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 189 | 183 | 188 | 190 | 189 | 197 | 201 | 197 |
| Expenses | 135 | 129 | 133 | 130 | 131 | 139 | 142 | 134 |
| Interest | 20 | 20 | 21 | 21 | 21 | 24 | 24 | 24 |
| Profit before tax | 37 | 36 | 36 | 40 | 43 | 39 | 39 | 48 |
| Tax rate | 0.3% | −0.1% | 0.3% | 0.3% | 1.4% | 0.3% | 0.3% | 0.1% |
| EPS ($ per share) | 0.32 | — | 0.31 | 0.34 | 0.37 | — | 0.34 | 0.41 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total liabilities | 2,003 | 2,106 | 2,358 | 2,578 | 2,510 | 2,700 | 2,694 | 3,114 |
| Fixed assets | — | — | 10 | 10 | 8 | — | — | — |
| Total assets | 3,656 | 3,854 | 4,077 | 4,262 | 4,257 | 4,247 | 4,254 | 4,702 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 180 | 229 | 238 | 249 | 266 | 276 | 331 | 310 |
| Cash from investing | -233 | -138 | -326 | -203 | -83 | -170 | -291 | -290 |
| Cash from financing | 50 | -84 | 91 | -51 | -183 | 46 | -170 | 217 |
| Net cash flow | -3 | 6 | 4 | -5 | -1 | 153 | -130 | 237 |
| Capital expenditure | -24 | -25 | -33 | -30 | -36 | -20 | -31 | -21 |
| Free cash flow | 156 | 204 | 206 | 219 | 229 | 256 | 300 | 289 |
CDP revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Defense IT Portfolio | — | — | — | — | 86% | 85% | 87% | 87% | — |
| All Other Segments | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 9% | -0.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CDP operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | 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.
Insider filings
12 filings between Dec 1, 2025 and May 29, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.33M
3 sales by 3 insiders
Compensation
not trading decisions- 5
- Award — granted as compensation
- 4
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| PICKETT C TAYLOR | — | $1.03M | May 29, 2026 |
| HAWKINS PHILIP L | — | $181.1K | Feb 23, 2026 |
| DENTON ROBERT L | — | $127.0K | May 26, 2026 |
Latest filings (29)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| May 29, 2026 | PICKETT C TAYLOR Director | Sale | 31,798 | $1.03M |
| May 26, 2026 | DENTON ROBERT L Director | Sale | 3,922 | $127.0K |
| May 14, 2026 | DENTON ROBERT L Director | Award | 3,803 | — |
| May 14, 2026 | Trimberger Lisa G Director | Award | 3,803 | — |
| Mar 1, 2026 | Mifsud Anthony EVP AND CFO | Award | 8,149 | — |
| Mar 1, 2026 | Myers Matthew T SVP-CAO & CONTROLLER | Tax withheld | 299 | $9.5K |
| Mar 1, 2026 | Myers Matthew T SVP-CAO & CONTROLLER | Tax withheld | 351 | $11.2K |
| Mar 1, 2026 | Myers Matthew T SVP-CAO & CONTROLLER | Tax withheld | 300 | $9.5K |
| Mar 1, 2026 | Myers Matthew T SVP-CAO & CONTROLLER | Award | 2,390 | — |
| Mar 1, 2026 | Snider Britt A. EVP & COO | Award | 11,203 | — |
| Feb 23, 2026 | HAWKINS PHILIP L Director | Sale | 5,536 | $181.1K |
| Dec 1, 2025 | Myers Matthew T SVP-CAO & CONTROLLER | Tax withheld | 250 | $7.7K |
| Sep 17, 2025 | Trimberger Lisa G Director | Sale | 4,896 | $150.4K |
| Sep 17, 2025 | Trimberger Lisa G Director | Sale | 3,000 | $91.6K |
| May 20, 2025 | Trimberger Lisa G Director | Award | 3,922 | — |
| May 20, 2025 | Miller Essye B. Director | Award | 3,922 | — |
| May 20, 2025 | DENTON ROBERT L Director | Award | 3,922 | — |
| May 15, 2025 | DENTON ROBERT L Director | Sale | 4,398 | $117.4K |
| Mar 1, 2025 | Myers Matthew T SVP-CAO & CONTROLLER | Disposition to issuer | 354 | $9.6K |
| Mar 1, 2025 | Myers Matthew T SVP-CAO & CONTROLLER | Disposition to issuer | 284 | $7.7K |
| Mar 1, 2025 | Myers Matthew T SVP-CAO & CONTROLLER | Award | 2,664 | — |
| Feb 26, 2025 | Snider Britt A. EVP & COO | Purchase | 1,000 | $26.9K |
| Dec 2, 2024 | Myers Matthew T SVP-CAO & CONTROLLER | Tax withheld | 250 | $8.2K |
| Dec 2, 2024 | Myers Matthew T SVP-CAO & CONTROLLER | Sale | 500 | $16.2K |
| Nov 7, 2024 | BUDORICK STEPHEN E PRESIDENT/CEO | Sale | 8,854 | $288.1K |
| Nov 6, 2024 | BUDORICK STEPHEN E PRESIDENT/CEO | Sale | 9,000 | $293.7K |
| Nov 5, 2024 | BUDORICK STEPHEN E PRESIDENT/CEO | Sale | 9,000 | $291.6K |
| Nov 4, 2024 | BUDORICK STEPHEN E PRESIDENT/CEO | Sale | 9,000 | $291.4K |
| Sep 10, 2024 | Snider Britt A. EVP & COO | Purchase | 1,000 | $29.4K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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