COPT Defense raises 2026 adjusted FFO per share guidance to $2.79-$2.81
CDP•COPT Defense Properties raised its 2026 adjusted FFO guidance to $2.79-$2.81 per share from $2.76-$2.80, lifting the midpoint by $0.02 to $2.80. It also raised same-property cash NOI growth and vacancy leasing targets while lowering tenant retention guidance.
1. Guidance raised
COPT Defense Properties raised its 2026 adjusted FFO guidance to $2.79-$2.81 per share from $2.76-$2.80. The midpoint rose $0.02 to $2.80, reflecting space recapture fees and lower dilution from Exchangeable Notes.
2. Operating targets adjusted
The company raised same-property cash NOI growth guidance to 4%-4.5% from 3.75%-4.25%, citing third-quarter outperformance. Its vacancy leasing target increased by 150,000 square feet to 625,000 square feet, while tenant retention guidance fell to 79%-81% from 80%-85%, reflecting three strategic non-renewals primarily intended to accommodate existing tenants’ expansion.
