COPT Defense Q1 FFO $0.69, Raises 2026 Midpoint to $2.76
COPT Defense generated Q1 funds from operations of $80.2 million ($0.69 per share) on revenues of $200.6 million and net income of $38.6 million ($0.34 per share). The REIT raised its 2026 FFO guidance midpoint by $0.01 to $2.76, maintained 94.4% occupancy, and secured a Baa2 rating.
1. Q1 Financial Results
COPT Defense reported Q1 funds from operations of $80.2 million ($0.69 per share) and net income of $38.6 million ($0.34 per share) on revenue of $200.6 million. Diluted EPS rose to $0.34 from $0.31 year-over-year, driven by strong operational performance.
2. Portfolio and Leasing
Occupancy across the 25.2 million square foot portfolio stood at 94.4%, with the Defense/IT segment 95.6% occupied and 96.4% leased. Same-property cash NOI increased 5.4%, while total leasing reached 1.6 million square feet, including 1.2 million in renewals at a 91% retention rate.
3. Guidance, Development and Rating
The company upped its 2026 FFO midpoint by $0.01 to $2.76 per share and expects Q2 FFO of $0.68–$0.70 per share. It committed $201 million to pre-leased developments, acquired 17 acres for $43 million, and secured a Baa2 stable rating from Moody’s.