COPT Defense Properties (CDP)
NYSE:CDP
Want to see CDP full AI Analyst Report?
Earnings Data
Report Date
Aug 03, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.33Last Year’s EPS
0.34Same Quarter Last Year
Moderate Buy
Based on 6 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed predominantly positive operational and financial momentum: strong FFO growth (6.2% YoY), rising NOI and occupancy, robust renewal and development activity, sizable capital commitments, a Moody's upgrade, and increased guidance and dividend. Notable headwinds include higher financing costs driving a near-term earnings drag (~$0.09 of additional interest), some one-time expense items, and timing uncertainty around defense budget appropriations. On balance the company demonstrated strength across leasing, development, balance sheet, and strategy execution, while acknowledging manageable near-term financial and timing challenges.Company Guidance
FFO per Share Growth
Q1 FFO per share of $0.69, $0.01 above midpoint guidance, representing a 6.2% year-over-year increase and marking the 23rd consecutive quarter of YoY FFO growth.
Same-Property Cash NOI and Occupancy Gains
Same-property cash NOI increased 5.4% year-over-year, driven in part by a 70 bps increase in average occupancy. Total portfolio occupancy ended Q1 at 94.4% (up 80 bps YoY) and defense IT occupancy at 95.6% (up 30 bps YoY).
Strong Renewal Leasing and Retention
Executed 1.2 million sq ft of renewal leasing with 91% tenant retention; cash rent spreads up 3.8% and GAAP rent spreads up 12%. Included full renewal of a ~953k sq ft U.S. government campus, reducing 2026 maturity risk.
Reduced Maturity Risk
Renewals and leasing reduced expiring annualized rental revenue from 21% at the start of the year to 11%, materially lowering 2026 lease maturity exposure.
Vacancy and Leasing Momentum
Executed 92k sq ft of vacancy leasing in Q1 and 152k YTD (38% of the 400k full-year target). Approximately 115k sq ft in advanced negotiations; over 265k sq ft executed or in advanced talks (~two-thirds of target).
Development Pipeline and Progress
Active development pipeline >1.0 million sq ft, 73% pre-leased, representing over $500 million in capital commitments. Commenced two projects in Q1; five of seven active projects are 100% pre-leased.
New Investments and Capital Commitments
Committed nearly $250 million YTD to three new investments (including a $55M, 150k sq ft ATFP-compliant development at Redstone Gateway and a ~$43M ground lease acquisition of 17 acres in Westfields), and since 2025 over $500M in new investments across eight projects.
Credit Rating Upgrade and Strong Financing Execution
Moody's upgraded company rating one notch to Baa2 with a stable outlook. Over the past five years issued $1.8B of unsecured debt with a weighted-average credit spread of 120 bps and ~nine-year maturity, supporting balance sheet strength.
Raised Forward Guidance
Increased guidance midpoints: FFO per share midpoint +$0.01 to $2.76; same-property cash NOI growth midpoint +50 bps to 3%; tenant retention midpoint +250 bps to 82.5%; capital committed to new investments midpoint +$40M to $290M. Q2 FFO per share guidance established at $0.68–$0.70.
Dividend Increase and Long-Term Total Return Profile
Raised annual dividend by $0.06/share (4.9%) in February — fourth consecutive year of increases. Since 2022 dividend up 16.4% and FFO per share up 15.3%, while maintaining a conservative AFFO payout ratio below 65%.
CDP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CDP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 27, 2026 | $32.32 | $32.09 | -0.71% |
Feb 05, 2026 | $31.67 | $32.11 | +1.41% |
Oct 30, 2025 | $26.75 | $27.58 | +3.11% |
Jul 28, 2025 | $27.08 | $26.74 | -1.25% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does COPT Defense Properties (CDP) report earnings?
COPT Defense Properties (CDP) is schdueled to report earning on Aug 03, 2026, After Close (Confirmed).
What is COPT Defense Properties (CDP) earnings time?
COPT Defense Properties (CDP) earnings time is at Aug 03, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CDP EPS forecast?
CDP EPS forecast for the fiscal quarter 2026 (Q2) is 0.33.