COPT Defense Properties publishes Q3 2026 earnings call transcript
CDP•COPT Defense Properties raised its 2026 adjusted FFO guidance midpoint by $0.02 to $2.80 per share. Third-quarter FFO was $0.71 per share, while same-property cash NOI increased 3.2% year over year.
1. Guidance and results
COPT Defense Properties raised its 2026 adjusted FFO guidance midpoint by $0.02 to $2.80 per share, implying roughly 3% growth. Quarterly FFO reached $0.71 per share, $0.02 above the guidance midpoint, and same-property cash NOI rose 3.2% year over year.
2. Leasing and interest costs
Management increased its annual vacancy leasing target to 625,000 square feet, citing strong demand and opportunities to replace weaker tenants. CFO Anthony Mifsud projected higher interest expense would reduce 2027 FFO by approximately $0.07 per share, reflecting rising rates and variable-rate debt.
